It will give individuals the power to decide how their personal data can be used and shared, while ensuring privacy.
New Delhi: The government will soon launch a data empowerment and protection architecture (DEPA) that will give individuals the power to decide how their personal data can be used and shared, while ensuring privacy. Such a framework will empower individuals and businesses to get better access to affordable financial and healthcare products, help them recover from the covid-19 crisis and get back on their feet.
For instance, with this framework, individuals and small businesses will be able to use their digital records to access affordable loans, insurance, savings, and better financial management products. This assumes significance as access to formal finance for small businesses in India is limited.
“DEPA makes this possible only together with the other layers of India Stack built since 2010 (eg Aadhar, Aadhar based eKYC and Aadhaar based eSign for digital contracts; UPI for cashless payments; DigiLocker, etc.); and Open Credit Enablement Network for lending,” according to a draft document on DEPA prepared by NITI Aayog.
Source: livemint
