Aadhaar 2.0: This is simply awesome, you will not have to fill so many forms

Aadhaar 2.0: Multiple researchers are coming together to develop a blockchain-based platform that will serve as a unified KYC framework for all citizens.

Aadhaar 2.0: Researchers are trying to build a blockchain-based platform through which a unified digital identity can be stored and shared with other entities. (MINT_PRINT)

When Aadhaar card first came and offered an identity proof that will be valid for all purposes, the idea at its core was quite exciting. Although it faced much criticism and objections due to concerns around data security and data privacy the, but now, Aadhaar 2.0 might be able to solve all those data-related challenges for Aadhaar card holders and truly offer what could be a completely secure and seamless unified digital identity. And the fun part? It is being built on blockchain.

First reported by the Times of India, fourteen researchers from three renowned institutions namely, Institute for Development and Research in Banking Technology (IDRBT), IIIT Hyderabad and IIT Bhilai, have come together in order to build a platform that would offer a 24x7 identity verification for any needs and purposes. Not only this, but the researchers claim that users will be able to control exactly what data is shared with an entity.

Aadhaar 2.0: The way towards blockchain-based digital ID framework

Aiming to enable innovation in India's financial space , the initiative is supported by the RBI Innovation Hub. How will this platform work? Just imagine if you had to open a bank account in a new bank and needed to do the KYC, you would not need to fill up any application forms! Instead, you could simply go to the platform and share the relevant information with the bank and immediately have your account created. This Aadhaar 2.0 card system can bring a new revolution in banking and lending space due to the ease of verifying credentials of an individual. The Ministry of Electronics and Information Technology (MeitY) has granted funding worth Rs. 23 crore for this project

“Once this platform gets evolved, I think it is going to become the basis for an auto-powered 24/7 available system for you to just finish your KYC requirements at any given point in time. You may be able to interact with this platform through multiple modes such as phone or ATM kiosk, where you show all your documents on video and it then gets stored in the system,” D Janakiram, director of IDRBT told the Times of India.