Navigating Data Privacy in India: The Promise of Consent-Driven Digital Identity – 2024-11-25 05:23:45 , HT Brand Stories | Hindustan Times

As organizations adapt to new technologies, India’s Identity and Access Management market is witnessing significant growth. With the Digital Personal Data Protection Bill, 2023, introducing concepts like “deemed consent” and the right to withdraw consent, sectors such as BFSI, Life Sciences, and Retail are being transformed. The podcast highlights how Indian companies are leveraging these regulations to enhance secure data sharing while ensuring customer privacy.

Mani James, Chief Business Officer at Mosaic Digital, emphasizes that the projected AI expenditure in India could reach $11.78 billion by 2025. Coupled with the anticipated 5G contribution of 2% to GDP by 2030, these advancements present strategic opportunities for businesses specializing in digital identity. However, the challenge remains: simplifying the process for customers. “What we need is to simplify the process, ensuring that security is maintained while offering a seamless experience,” James notes.

Glenn Gore, CEO of Affinidi, brings a unique perspective on the necessity for companies to shift from platform-defined to self-defined identities. As data regulations tighten, businesses must prioritize protecting data and ensuring consent-driven practices. The future of privacy will require a delicate balance between innovation and user trust. By enhancing identity verification methods with AI and blockchain technology, companies can streamline user experiences while bolstering security.

The podcast further explores the potential transformation digital identity solutions could bring to India’s gig economy, projected to reach 23.5 million workers by 2029-30. In this rapidly changing work environment, securing digital identities will be vital for enabling remote work, education, and social interactions.

Ultimately, businesses that proactively safeguard data and privacy will gain a competitive edge in the emerging trust-based economy. As the discussion concludes, it’s clear that adopting innovative data protection measures is crucial for success in today’s fast-paced digital landscape. The road ahead for digital identity in India is one of opportunity, where transparency and user control will shape the future of data privacy.

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