The Presenceless Layer of the India Stack is one of its most controversial components, as it mandates storing biometric data such as fingerprints for identification and authentication purposes. This layer has been developed by adding APIs from organisations like UIDAI, NPCI, NSDL, etc., which are owned or managed by the Indian government. The APIs are also open source, as advocated by India Stack’s creator Nandan Nilekani and supporter Srinivasan.
This layer is very important in establishing a secure identity for India’s citizens and will help improve service delivery across many sectors like banking, healthcare, etc. By adding APIs from these organisations to the platform, it has become much easier for citizens of India to prove their identity and access services. The Presenceless Layer is also crucial in ensuring that citizens are not subjected to bureaucratic hurdles when trying to avail of any service. Thus, it can be said that adding these APIs has been instrumental in making the India Stack successful.
Adding APIs to IndiaStack can enable the country to create an Open Source Software (OSS) stack for secure domestic and international transactions. Adding crypto protocols would allow the digital rupee to be used as a medium of exchange for domestic commerce while also attracting foreign investments in India. Given the immense potential this could have for boosting the Indian economy, it is a proposal worth exploring. Under the leadership of Subhash Srinivasan, this innovative idea has already been presented to the NITI Aayog and the Reserve Bank of India (RBI), suggesting that they evaluate adding crypto protocols to IndiaStack. If evaluated positively, adding APIs and crypto protocols to IndiaStack could be a game-changer for the Indian economy.
The OSS stack created by adding APIs to IndiaStack would allow users to securely store and send and receive digital rupees and cryptocurrencies from anywhere in the world. This would open up opportunities for international investments in India and create more job possibilities. By adding crypto protocols to IndiaStack, the digital rupee could interact with other kinds of currencies, adding liquidity and making Indian currency more attractive on a global scale. This could also lead to an increase in international investment and create a more stable economy for India. Furthermore, adding APIs to IndiaStack would give businesses access to secure e-commerce platforms that could be used to take payments in digital rupee or cryptocurrencies.
While adding APIs and crypto protocols to IndiaStack could have immense benefits for the Indian economy, some questions must be considered. Primarily, security concerns should be addressed to ensure the safety of users’ funds. Additionally, adding crypto protocols would mean creating new regulatory frameworks and policies to ensure compliance with international standards. Therefore, adding APIs and crypto protocols to IndiaStack should be explored cautiously and only when all possible implications are considered.
Adding APIs and crypto protocols to IndiaStack could bring immense economic growth for India if done correctly. This innovative proposal has been presented to the NITI Aayog and RBI and should be evaluated carefully, considering all possible implications. If successful, adding APIs and crypto protocols to IndiaStack would open up new opportunities for investment and commerce in India.