Latest news with #DigitalPublicInfrastructure
Indian Express
4 days ago
- Business
- Indian Express
Land tokenisation using tech will unlock huge opportunities: Siddharth Shetty, co-creator, Finternet
Siddharth Shetty is the co-creator of Finternet and CEO of Finternet Labs. Among other co-creators of this concept are Nandan Nilekani and Pramod Varma (of UPI fame). Finternet, called a vision for the future financial system, is based on the structural principles of the internet, and aims to build a universal interoperable infrastructure to support seamless transactions of multiple assets. It can help you sell, buy, lend, or pledge assets like land, vehicles or shares in a tokenised format and in a seamless manner linking all ecosystem players like governments, banks and financial institutions. Siddharth has previously worked as an advisor to the Union Finance Ministry on Digital Public Infrastructure, and was involved in designing the India Stack, personal health records for Ayushman Bharat Digital Mission, DigiYatra for aviation travel, and Digital Sky for integrating drones into civilian airspace. He was also the co-founder of Sahamati, an industry alliance that works on Account Aggregator adoption as intermediaries for data sharing with user consent. Siddharth spoke to on the need for Finternet, the challenges it would face for adoption in India, the value that it could unlock, and the safeguards that tokenisation of assets would have. Edited excerpts: Siddharth Shetty: Today, people find it difficult to buy or sell assets like land or apartments, as there are multiple regulatory agencies and systems, and these agencies and systems do not interact with each other. There is the survey department, which holds the maps, the revenue department, which holds the records of your ownership rights of the land, the property registration department where your land or apartment is registered in your name, and the municipal body where you pay your property tax. A lot of the time, the data on your property is contradictory in these databases. So, if you want to sell, buy, or pledge your assets, there is a huge bureaucratic process, and it would take quite some time. Imagine if it were tokenised; made simple as if one were holding a share in the stock market and that would make it easy to sell, buy or raise money using the land/apartment asset. In simple terms, it means that the tokenisation would authenticate that you own the asset, say land, and there are no loans on the same, show a clear title, and would help in easier transactions of the title. Such a tokenisation of land/apartment assets would help not merely in financial transactions like buying, selling, and pledging but would also help in inheritance planning, loans on parts of the property, and even simplify rental agreements. Nearly two-thirds of all civil cases in Indian courts are related to land. The average time to resolve a case is 15 years. The economic cost of this inefficiency is huge. Our GDP can be boosted simply through land record digitalisation. One must understand that lack of a tech-like tokenisation and how it has impacted India. India ranks 154th globally in the World Bank's Ease of Doing Business index for registering property. On average, it takes 58 days to complete a property registration here, compared to three days in some countries. Land dispute resolution is ranked at 136th globally, with an average resolution time of 1445 days versus the global average of 358 days. Apart from its impact on real estate, it has uses in a wide variety of areas, like agricultural markets and simplifying access to healthcare and education through tokenised vouchers. It could support the issuance of green bonds for sustainable projects, manage carbon credits more effectively, or facilitate the distribution of subsidies for energy-efficient tech. Siddharth Shetty: The tech behind tokenisation is the tech behind Finternet per se; it is a combination of public blockchain, credentialing tech, wallets and token management. It is based on the principles of interoperability, immutability, and composability. It establishes a foundational architecture for decentralised, interoperable financial ecosystems. It also has open networks as a critical component. At its core, land tokenisation converts rights associated with real estate and property into tokens recorded on an immutable ledger. These tokens are not just digital certificates. They carry details of the asset rights, ownership history, legal rights, restrictions and real-time updates. The asset is not just represented, but can be interacted with, transacted on and in a trusted manner. With tokenisation, land assets can become easily verifiable. A plot can be divided into fractional units and transferred. The real world and digital assets will be represented as tokens which are self-describing and self-contained, and which can be chained together. The advances in cryptography in verifiability, security, and privacy make it a trustworthy exercise. Finternet also enables quick dispute resolution, provides for a lifetime history of all assets, and helps with online dispute resolution with digital evidence and easier auditing. It could save much time spent in disputes in court. Siddharth Shetty: Land tokenisation is one small part of the whole of Finternet. Finternet looks at tokenisation of other assets too, like vehicles, stocks, gold, silver, agricultural assets and even energy resources. Finternet emerged from a paper co-authored by Nandan Nilekani and Agustín Carstens of the Bank for International Settlements. It was later developed by Nandan Nilekani, Pramod Varma, and me. Siddharth Shetty: There are a lot of pilots going on across the world, in the US, UK, Latin America, Middle East, and places like Korea. In some places, certain assets have been tokenised. These pilots are also looking at the various legal aspects of tokenisation. The key is to see that it works at scale. Korea is talking about tokenisation of its agri produce and meat products. In Dubai, land tokenisation is being tried out in closed user groups. In India, too, pilots are going on in Mumbai among lenders of financial products. Siddharth Shetty: The tech is maturing very fast, and within three to five years, I predict that we could see adoption of some facets. My reading is that within 10-15 years, Finternet will take off worldwide in a big way. In India, confusion exists, and clarity needs to be developed on different aspects of digital assets, crypto, tokenisation, and cryptographic infrastructure. What needs to be understood is that tokenisation is not just for financial services, it's critical for even availing basic services around property management. We are working on technology that is safe, secure and reliable. We understand that if there are not sufficient safeguards, it would not pass regulatory scrutiny or even public approval. In simple terms, it is a technology like Android for smartphones, an underlying tech. On top of it are apps for users, built by various companies for various sets of users. It is wrong to blame Android for an app that is not helpful or does not work. Now, the Union government has come up with a draft bill to replace The Registration Act of 2008. The draft bill, which has been placed for public feedback, introduces provisions to support online registration, electronic presentation and admission of documents, issuance of electronic registration certificates, and digital maintenance of records. Siddharth Shetty: We have set up Finternet Labs in India and the US. They are also being set up in Singapore and Switzerland. These would test the hypothesis on the ground, work with early adopters, test the legal frameworks, and other issues. We are working with various stakeholders across the globe to mainstream this idea and the tech. The adoption of this tech would be asynchronous. It would not be linear. Some governments or regulators would latch on early, and not everyone and every aspect would go live at the same time. It would be in phases. Perhaps among the states in India, there would be some early adopters, but it is also a learning process. It would be like the Aadhaar and UPI adoption in India. Studies by experts said that it would take five decades for Aadhaar to be adopted in India. It got off within a decade. From five million merchants in 2016 to fifty million did not take much time. The same was the growth from 30 million users to 500 million users for UPI. We see the Finternet taking off in a non-linear and exponential manner. Siddharth Shetty: The hurdles would be of three types. First would be building the tech infrastructure, with a focus on digitisation of land records and digitisation of other databases. And it should also reach a certain maturity. Second would be the legal frameworks and changes in legal and public policy around land tokenisation. There is a need to remove the legal and regulatory barriers that hinder the adoption of new technologies, particularly those related to tokenised assets. Third would be the challenge of onboarding and enabling the commercial partners for this ecosystem, which would help these partners to unlock new markets and meet consumer needs. It would also require collaboration between the public and private sectors. Public authorities should build digital infrastructure, establish regulations, while the private sector should lead in providing the services.
&w=3840&q=100)
First Post
6 days ago
- Business
- First Post
Your home to get its own Aadhaar? Why India's plan for digital address system is significant
The Centre is now working on providing every address with its own digital identity, after the introduction of Aadhaar for digital ID and UPI for digital payments. With the growth of online shopping, courier services, and food delivery apps, having an accurate address has become more crucial than ever. However, India's current address system faces several challenges. This is why the Centre is aiming to introduce clear regulations read more The government wants to make sure that address details are shared only when a person clearly agrees to it. Image: News18/File Photo After bringing in Aadhaar for digital ID and UPI for digital payments, the Centre is now working on giving every address its own digital identity. The main idea is to treat 'address information management' as 'core public infrastructure'. Right now, this area is not regulated in India, even as digital use keeps growing. The government also wants to make sure that address details are shared only when a person clearly agrees to it. STORY CONTINUES BELOW THIS AD ALSO READ | Now, ChatGPT is generating Aadhaar, PAN cards: Here's what you should watch out for In this explainer, we look at what this plan is all about, why it is being done now, what Digipin is, and what steps will follow. Let's take a look: What is the plan? The Centre is looking to include addresses as part of India's Digital Public Infrastructure (DPI). At present, there is no proper system or rule to manage address details in the country. Many companies collect people's address information and may share it without asking. In order to prevent this, the government wants to make sure that address data is shared only when a person gives clear permission. The plan has two main goals: one is to set up systems that make sure people's consent is taken and their address data is shared safely across government and private platforms. The second is to help the government deliver services to the right address quickly and accurately, The Economic Times reported. The Centre is looking to include addresses as part of India's Digital Public Infrastructure (DPI). Image: News18/File Photo The draft framework for this new digital address system, which will include uniform 'addressing standards', is being prepared by the Department of Posts. The Prime Minister's Office is closely following the work. The draft will be opened for public feedback within a week, and a full plan is expected to be in place by the end of the year, the report said. STORY CONTINUES BELOW THIS AD Things are moving quickly. A new law may be brought in during the winter session of Parliament to set up a digital address-DPI authority. This body would be responsible for putting the system in place and keeping a check on its use, according to ET. ALSO READ | All you need to know about new Aadhar app with face ID, QR code features Why is it needed now? With the rise of online shopping, courier services and food delivery apps, having the right address has become more important than ever. But India's current address system has several issues. Many addresses are hard to understand, incomplete, or written in different ways. Often, they rely on landmarks instead of proper location details. This makes them hard to use in digital systems and delays service delivery. Government studies suggest that wrong or incomplete address information may be costing the economy nearly $10-14 billion, around 0.5% of the GDP, according to the ET report. To deal with the issue, the government formed a special working group in December 2023 under the National Geospatial Policy to work out clear 'addressing standards'. STORY CONTINUES BELOW THIS AD Another problem is that address data is sometimes passed on to other organisations or sold, often without the person's consent. This is why the Centre is looking to bring in proper rules that will ensure address data is used safely and only when people give their permission, the report said. Enter 'Digital Address' system and Digipin: What are they? The government is working on a new system called the 'Digital Address' framework. This setup will include clear rules on how addresses should be written and shared safely. It will let digital platforms access address details securely, but only if the person gives permission. It is being developed by the Department of Posts and is under close watch by the Prime Minister's Office. Having the right address has become more important than ever. Image: News18/File Photo A draft of the plan will be released soon for public feedback, and the final version is expected by the end of the year, according to reports. Now, what exactly is Digipin? A key part of the Digital Address system is the Digipin, short for Digital Postal Index Number. It is meant to play a big role in improving how public services are delivered. STORY CONTINUES BELOW THIS AD Unlike normal postal codes, Digipin will be linked to the exact location of a place using map coordinates. It will be a 10-character alphanumeric code that points to the exact spot of a home, shop or building, India Today reported. This makes address handling much easier by offering accurate, location-based identification. It is especially helpful in places where standard addresses are not reliable, like villages, slums, forest areas or hilly regions. With Digipin, even homes in far-flung or hard-to-reach areas can get a unique digital address. Once fully rolled out, this system could become as much a part of daily life as Aadhaar or UPI.
India Today
7 days ago
- Business
- India Today
Soon, every Indian address may get a unique Digital ID
After introducing Aadhaar for identity and UPI for digital payments, the Indian government is now planning a new step – a digital ID for every address. This will help locate homes and places more accurately and quickly, especially while delivering government services or THE IDEA?The Centre wants to bring addresses under India's Digital Public Infrastructure (DPI) matrix. Right now, there is no proper system or rule to manage address details in the country. Many companies collect people's address data and may even pass it on without asking. To stop this, the government wants to make sure people's address information is shared only after their clear NOW?With online shopping, courier services, and food deliveries booming, correct address details have become very important. But many Indian addresses are written in unclear or incomplete ways – often using nearby landmarks or non-standard formats. This causes confusion and delays. Studies show such poor address systems cost the country nearly $10–14 billion every year, that's about 0.5% of India's WILL CHANGE? A new framework called the 'Digital Address' system is being prepared. It will have clear standards for writing and sharing addresses safely. It will also allow digital platforms to access addresses in a secure way but only with the person's system is being developed by the Department of Posts and watched closely by the Prime Minister's Office. A draft version of the plan will be shared for public suggestions soon, and a final version is expected by the end of this year. A special law could be passed in the Parliament's winter session to set up a new authority to look after this digital address DIGIPINadvertisementA key part of this new system is the DIGIPIN, i.e., Digital Postal Index Number. Unlike regular postal codes, DIGIPIN will be based on the exact location of a place using map coordinates. It will be a 10-character alphanumeric code that gives the precise position of a house, shop, or is very useful in areas where regular addresses don't work well – like villages, slums, forests, or hilly regions. With DIGIPIN, even a home in a remote area can have a unique digital NEXT?A draft with clear address standards will be shared for public feedback within a week and is likely to be finalised by year-end. Once in place, this system could become as important as Aadhaar or UPI in daily life.
&w=3840&q=100)
Business Standard
27-05-2025
- Business
- Business Standard
FM Sitharaman visits Pine Labs Noida office, lauds India's fintech sector
During her visit to Pine Labs in Noida, FM Sitharaman praised India's fintech sector for delivering secure and inclusive digital financial services to MSMEs and merchants New Delhi Finance Minister Nirmala Sitharaman on Tuesday highlighted how fintech innovations are delivering seamless, secure, and inclusive financial services to merchants and medium, small and micro enterprises (MSMEs). During her visit to the Noida office of Pine Labs, a leading fintech firm, FM Sitharaman lauded India's fintech companies for their role in strengthening the country's Digital Public Infrastructure (DPI). At Pine Labs office, she witnessed demonstrations of innovative solutions being developed around prepaid instruments, the Account Aggregator (AA) framework, and digital services for the Public Distribution System (PDS) and other government schemes. The finance minister also interacted with Pine Labs employees and customers during her visit. Among them was Kuldeep Chauhan, a mobile retailer from Noida and a customer of Pine Labs. Chauhan shared with FM Sitharaman how his business has experienced significant growth thanks to the widespread adoption of digital payments. Pine Labs is a fintech company, known for its innovative solutions in the payment and merchant commerce space. The company offers a range of products, including point-of-sale (POS) terminals, prepaid instruments, and digital payment solutions. Pine Labs' customers are merchants, retailers, and consumers.
Time of India
23-05-2025
- Business
- Time of India
BRICS trade ministers' meet: India calls for dismantling export controls among members
India has requested BRICS countries to remove export restrictions to promote commerce. Yashvir Singh represented India at the BRICS trade ministers' meeting in Brazil. India will assume the BRICS Presidency in 2026. India proposed '30 for 30' to mark WTO's 30th anniversary. India has asked developed nations to ensure concessional transfer of Environmentally Sound Technologies. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads India has urged member nations of BRICS group to dismantle export controls within the bloc to boost trade, an official statement said on Friday. Representing India at the 15th BRICS trade ministers' meeting in Brazil, Economic Adviser in Department of Commerce Yashvir Singh emphasised the need to eliminate restrictive trade measures that disrupt critical supply chains "India used the platform to oppose export controls among BRICS members, encouraging mutual support within the bloc," the commerce ministry India prepares to assume the BRICS Presidency in 2026, it commended the solution-oriented approach of the Brazilian Presidency in addressing critical trade is an intergovernmental organization comprising ten countries - Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran and the Indian proposal of '30 for 30', which seeks to introduce 30 incremental improvements to mark WTO's 30th anniversary in 2025, was also emphasised."India urged developed nations to ensure the concessional transfer of Environmentally Sound Technologies (ESTs), supported by adequate financial resources," it country also reiterated its commitment to global cooperation in Digital Public Infrastructure , artificial intelligence, and cybersecurity under forums such as the Global Partnership on AI and G20.
