The BHARAT Narrative: India’s Leadership in Digital Public Infrastructure and Real World Assets

“Observation yields insights; every detail reveals a deeper truth”

In our previous newsletter, we explored the burgeoning Real World Assets (RWA) industry and its leading players. This edition delves deeper into how India is positioning itself as a significant player in this sector through the BHARAT narrative of onboarding the next billion users, driven by robust Digital Public Infrastructure (DPI).

India Stack: A Digital Revolution

India Stack is a transformative suite of digital public goods, providing equitable technology access across India. It comprises:

  • Payments (UPI): The Unified Payments Interface (UPI) has revolutionized digital payments in India. By onboarding millions, it reduced the time required for digital payment penetration by a decade. UPI processed over 4 billion transactions in October 2021 alone, underscoring its massive adoption.
  • Identity (Aadhar): Aadhar, the world’s largest biometric ID system, has provided unique identities to over a billion Indians, streamlining access to various services and reducing fraud.
  • eCommerce (ONDC): The Open Network for Digital Commerce (ONDC) aims to democratize eCommerce by connecting buyers and sellers on an open, interoperable network, fostering competition and innovation.

These uses cases serve as the illustrations for other products built on the principles of Digital Public Infrastructure which is being pushed in a coordinated effort by a set of dedicated visionaries at CDPI under the guidance of Nandan Nilekani , who is considered as the CTO of India in many respectable circles. 

Digital Public Infrastructure (DPI) & Real World Assets (RWA)

DPI refers to foundational digital systems that enable secure, efficient, and interoperable digital transactions and services for its users. Its core components include multiple WEB3 technologies like :

  • Identifiers (DID): Decentralized Identifiers for secure identity verification, ensuring privacy and control for individuals.
  • Registries (VDR): Verifiable Data Registries for trusted, transparent, and immutable data storage.
  • Attestation/Governance: Mechanisms to validate and authenticate information, building trust in digital interactions.
  • Marketplaces: Digital platforms that facilitate transactions by connecting buyers and sellers in an open ecosystem.
  • Payments: Secure and efficient digital payment systems that drive economic activity.

A well-balanced and “good” DPI agenda will require governments to adopt common principles, which all the market participants building and leveraging DPIs ought to adhere to.

  • Interoperability: All building blocks of the DPI ecosystem should be designed to be interoperable 
  • Extensibility: DPI must also be designed to be adaptable to the rapid evolution of the digital landscape. 
  • Protocols, not platforms: DPI builders need to shift the thinking from platform-centric models to protocol-based systems. 
  • Federation of data: DPIs ensure data availability and optimize to ensure the federated storage. 

The intersection of DPI and RWAs lies in how digital infrastructure supports the assetization of both tangible and intangible assets. This alignment propels India forward as a leader in the digital economy, driving innovations across sectors and creating new economic opportunities. These are the factors that make the BHARAT Narrative ultra potent.

Role of Private Players

Private entities can accelerate DPI adoption through innovative distribution and go-to-market strategies with differentiating factor being the ratio between capex & opex for the offering . Beckn Protocol, a not-for-profit organisation, exemplifies this by fostering interoperability in digital commerce.

Beckn Protocol: Democratising Digital Commerce

The Beckn Protocol stands as a testament to the power of open, decentralized systems in driving digital commerce across various sectors. Its core mission is to foster interoperability and inclusivity, ensuring that digital marketplaces are accessible to all.

Beckn Protocol enables a suite of products that integrate seamlessly into the BHARAT narrative. Some of which are:

  • Ride Hailing (Namma Yatri): Creating seamless, interoperable networks for public and private transportation services, improving urban mobility and reducing congestion.
  • Beckn Commerce (ONDC): Democratizing the retail landscape by connecting small retailers to larger digital marketplaces, fostering competition and innovation.
  • Beckn Education (ONEST): Facilitating access to educational resources by connecting various educational service providers on an open, interoperable platform, ensuring equitable access to learning opportunities.

AssetMantle’s Contribution to the BHARAT Narrative

At AssetMantle, we align with the BHARAT narrative and are a technological parallel to DPIs. With advent of AI, we believe data is poised to become the most salable asset, amongst other established assets human can own. Hence, we are focusing on our assetization practice of data and real-world assets for enterprise.

Here are the focus industries where we integrate vision with implementation:

  • Real Estate Assetization: Unlocking liquidity for developers throughout their lifecycle, ensuring more efficient and transparent property markets.
  • Healthcare Data Assetization: Enhancing healthcare outcomes by analyzing aggregated medical data with AI, driving personalized medicine and better patient care.
  • ESG Data Assetization: Leveraging environmental, social, and governance data to meet global sustainability standards and drive positive impact.
  • Unified Loyalty: Creating a unified, interoperable marketplace for loyalty programs, enhancing customer engagement and retention.

Stay tuned for more insights in the coming weeks!

Leave a Reply

Your email address will not be published. Required fields are marked *