The managing director and chief executive officer of NPCI (National Payments Corporation of India) called for adopting digital assets and blockchain technology in the country. Dilip Asbe is one of the latest officials from the Indian government to talk about and promote cryptocurrency usage and the DeFi network.
According to the information obtained from a co-authored piece by Asbe and Ashutosh Dubey, a senior leader of the management and innovation team of NPCI, India has progressed tremendously in establishing digital infrastructure for public use. In contrast, online services have been boosted in registering public records, identification, and payments.
But, right now, the infrastructure is limited to certain aspects, and only a few distributed technical elements can resolve the issues. Designing an infrastructure for public use based on affordability, availability, trust, and value is tiresome and borderline impossible. On the other hand, Dubey and Asbe think that the goal can be easily reached with Web3.0 technology.
— John Morgan (@johnmorganFL) August 26, 2022
The Introduction of the Blockchain Industry could transform lives in India
In their co-authored piece, Dubey and Asbe mentioned how the introduction of the blockchain Web3.0 industry could transform how public infrastructures in India function. Through blockchain, it will be easy to get value, trust, affordability, and availability without having to trust a third party.
Also, in Web3.0, blockchain would offer the facility to record, audit, and compile all the required aspects in real time. In the piece written by the two government officials, Estonia has been mentioned as an example where blockchain has been widely adapted to facilitate the appropriate functioning of public infrastructure. Even smart contracts, which are becoming more and more popular in the tech industry, are a good thing.