Crypto is as centralised as the old world; 3-4 exchanges dominate: Nandan Nilekani

Nandan Nilekani (left) and Tanuj Bhojwani with a copy of the new book.

Many fresh ideas and startup pitches famously begin at a Third Wave Coffee outlet in Bengaluru. But Nandan Nilekani, Infosys cofounder and Aadhaar architect, had an epiphany for his third book at a park in Koramangala, located a few metres from his home.

Tired of taking calls on Zoom and Microsoft Teams, Nilekani, 66, began to take some of his meetings during his early morning walks once the parks started opening up after the first wave of Covid-19. The Art of Bitfulness – Keeping Calm in the Digital World took shape during one such walk with iSPIRT foundation fellow Tanuj Bhojwani, who has written the book with him.

Unlike Nilekani’s previous works, Imagining India: Ideas for the New Century and Rebooting India: Realizing a Billion Aspirations (with Viral Shah), which were more oriented towards policy, The Art of Bitfulness aims to help readers use their devices better and proposes a collective solution to wrest control back from Big Tech and social media apps, which are addictive by design. There is value in doing something to help improve digital hygiene, Nilekani says. The book, as the authors say, is not anti-tech but pro-you.

In an interview with Moneycontrol, Nilekani and Bhojwani spoke about how they keep calm in the digital world, how they use devices and social media, why Web3 is not as decentralised as people imagine, and why digital public goods such as Aadhaar and Unified Payments Interface (UPI) are good policy solutions. Edited excerpts:

This is your third book after Imagining India and Rebooting India. Both of those were about leveraging technology to build a more inclusive and equitable society. Here you talk about using technology better instead of getting enslaved by it. Is there a contrast or is this a natural evolution?

Nilekani: You’re right. My first two books are really big policy and technology books. While that is of interest to a few people, what people would also like to know is how they can become more effective in their day-to-day life. Therefore, we felt this angle of how to use your technology better would be far more useful to a large number of readers. This book came out of regular walks in the park that Tanuj and I used to do and we both felt overwhelmed by what was happening with the pandemic and digital interactions that had gone up.

We felt there is value in doing something to help improve their digital hygiene and then we compared notes on his approach and my approach. Though they are very different at the detailed level, they are conceptually the same approach to be on top of your technology. But let me add that this is not just a book on what you and I can do, it is also a book on why we are the way we are, what is it about the technology choices in the last 20 years that has brought us to this, and what are possible ways to deflect that at a collective level.

It also has insights into how both of you use devices and technology. Nandan, for example, does not use social media or WhatsApp and uses Twitter as a broadcasting medium. You can only reach him via calls and SMS. Tanuj, on the other hand, uses WhatsApp but does it in a systematic way. Again, how did this evolve? 

Nilekani: It’s also a question of what age you got your technology. My first device was a computer – first a large desktop and then, of course, a laptop. My main communication on digital was email. So that is a long habit. I got my smartphone only in 2010 or thereabouts. I was 55 by then, so I didn’t depend so much on the newer communication media. I also realised that I liked to finish things, close things, reply to people and if I have too many open channels, then I will have too many unanswered messages. So I said, let me curtail it. I will stick to voice and SMS. I will not use social media.

I use Twitter as a broadcasting medium. I have a zero-inbox strategy so I do mails twice a day and make sure there is nothing pending. I use my iPad for my curated content. I have a very clear definition – my laptop is for work, my phone is for communication and my iPad is for my curated content and entertainment.

Tanuj, on the other hand, has one device, where he uses systems like software and multiple identities. He has essentially achieved the same goal.

Tanuj, is this approach of different devices for different use-cases a simpler way to go about it than VPNs, multiple identities, and so on?

Bhojwani: There are no hacks in this book. It is systems. My system evolved from getting overwhelmed by having too many devices. For me, the physical devices being too many seems overwhelming. I have created multiple user logins on my laptop. Every time I open my laptop, I ask myself what I am doing right now. For example, I had a separate login while writing the book so I don’t get distracted. You pick and choose the ones that are more appropriate for you.

One can argue that you are Nandan Nilekani so you don’t need to be connected at all times or respond instantly. But are there common principles that most people can apply – if they still need to use WhatsApp and Twitter.

Nilekani: In your business (news), you have to do that, but that doesn’t mean you use them indiscriminately. For example, if you are writing an important analytical article, then you want to operate in a create mode without any interruptions or notifications. I am on top of everything but I don’t need to be on Slack channels. Lot of my job is connecting the dots and thinking things through, so I would rather have free time to think than do a million useless interactions.

You also talk about how writing is thinking in the book, citing examples of Warren Buffett and Richard Feynman who maintained extensive notes. Considering you straddle various worlds – from Infosys to Aadhaar and so on – what system works for you?

Nilekani: A lot of it is folder management. I have email folders that are very extensive and I have 20-year-old folders. They are well-organised. I know I can get something when I need it. It is also a great way of closing something. For example, when I joined the UIDAI (Unique Identification Authority of India) to do the Aadhaar project, I had 20 different folders. Even today, I can go back and find something.

The second thing – I don’t believe in having a long to-do list because that itself creates issues. I would rather close things then and there. I always make sure I have a time gap between two meetings so I can spend time thinking about the action items out of that – should I call/mail and I do that immediately. I do my email once in the morning, once in the evening, and maybe a couple of more times. With all this, you are on top of things. Once you are on top of things, you feel relaxed and calm. I don’t get into arguments on Twitter or polarising stuff that people seem to be doing all the time.

But how tough is it to remain indifferent when they talk about you or Infosys or Aadhaar?

Nilekani: If you have been in public life, you learn to get a very thick skin. When I first went into public life, I was actually quite shocked and stunned by criticisms and sneak attacks. After a while, I said this is part of the territory. I have developed a very thick skin now and I am very calm and cool. So, whatever anybody says, I don’t react and just focus on what I have to get done.

Tanuj, what system works for you?

Bhojwani: I get anxious or I get worried if there are things in my head. I use Roam Research – people are welcome to also use a journal. But don’t keep anything in your head. It really helps when you write them down, even if they are not perfect sentences. When you start writing down your thinking, you can see the holes in your thinking and improve it. The process of going from stress to action is writing for me. It is about what works for you, but don’t keep it in your head.

The final part of your book talks about the Collective, in terms of how to deal with Big Tech. Here, you don’t believe regulations or Web3 is the answer. You've described Web3 as a plutocracy and also spoken about collusion. Why do you believe Web3 is not a solution, in terms of how we can wrest control from Big Tech?

Nilekani: The siren song of Web3 is decentralisation, where you take charge of your own life. But the reality is there is as much centralisation in this world of crypto as there is in the old world. So, you will end up exchanging an old set of gatekeepers for a new set of gatekeepers. Three-four crypto exchanges dominate the world and decide the rules of the game. These gatekeepers also have a role over the system.

Binance is an exchange that also has the third-largest cryptocurrency. That means you are an exchange and a currency provider. That is no different from saying an e-commerce platform should not prefer its own branded products. I don’t buy this argument that you have perfect decentralisation. The genius of crypto is they have decentralised money making. That is the beauty of crypto. Then everybody has the interest in promoting it because the value of their holdings go up. There has been no technology in history where you decentralise money making.

So what should India do then in the way it regulates crypto? 

Nilekani: Crypto as an asset class should be encouraged. Having that asset pool available is a good thing. But as an asset class, certainly India should look at that. It is not the only thing. Our chapter on crypto explains the strengths and weaknesses. We also talk about the Indian alternative, which is what we have built using digital public goods. Combination of state and NPCI (National Payments Corporation of India) has created much more interoperable and competitive systems that a billion people can use.

In fact, you’ve proposed Digital Public Goods as a policy alternative, citing the impact that Aadhaar and UPI have had and Open Network for Digital Commerce (ONDC) will have. But one can argue that you are merely transferring risk from larger private corporations to government and non-profit entities where private companies are stakeholders. Aadhaar, for example, has come under fire for being exclusionary. UPI has been cited as a concentration risk.

Nilekani: There are no perfect solutions. The fact is what the pandemic has shown us is that we have no choice but to be in a digital world and we have to seek solutions beneficial to society and the individual consumer. Aadhaar has reached 1.3 billion, it has an authentication of 99 percent. So I don’t think we should overstate these issues. UPI has reached 4.5 billion transactions. It has really reached the common man. Once the account aggregator comes along, millions of small businesses will be able to use the digital footprint of invoices and get credit. ONDC will transform e-commerce and make it open commerce. So there are very thoughtful reasons why the digital public approach is very good.

A quick, rapid-fire round then 

Android or iPhone?

Nilekani: iPhone

Bhojwani: Android

Clubhouse or Twitter Spaces? 

Nilekani: Neither

Bhojwani: Twitter Spaces

Kindle or physical books?

Nilekani: Physical books

Bhojwani: Physical books for leisure, Kindle for research and taking notes

Night owls or early risers?

Nilekani: Night owl before 30, early riser post-30

Bhojwani: I have to copy that answer

Favourite note-taking apps?

Nilekani: My old-style notebook. I write things down

Bhojwani: Roam Research

Infosys or Aadhaar?

Nilekani: Both

Bhojwani: If anything, Aadhaar. I genuinely think people misunderstand it. The English-speaking audiences are not the people who really need Aadhaar so they haven’t seen the stories that I have seen through my work.