The Indian government is using blockchain to improve the registration of new properties
Maharashtra, India’s second most populous state, is leveraging distributed ledgers to revamp land ownership records in the region. The government’s decision to use blockchain technology in real estate was borne out of the desire to improve trust among industry participants and reduce incidents of fraud.
Shravan Hardikar, Maharashtra’s Inspector General of the Department of Registration and Stamps, noted at a press conference that things are already underway for the registry to adopt distributed ledger technology (DLT) with leading financial institutions already on board.
“Blockchain pilot has already been started with banks and other mortgage companies, including the Indian Bankers Association,” Hardikar said. “They are being made aware of e-registration documents as questions were raised that electronic documents do not have stamps and signatures, so how can they identify these as original documents?”
To address this challenge, Hardikar said that information on all property in the region will be stored in the public accounts, while documents will have a serial number to improve the search for information on a particular property to protect investors and lenders.
“For this, in the second phase, we will have a unique number on these registered property documents, which bankers can put into system and match,” Hardikar said. “If it doesn’t match, it means the document has been tampered with.”
The Economic Times reported that the state registry was the first to begin e-registration of property in India, stemming from the COVID-19 restrictions in 2020. Hardikar notes that moving processes online and using DLT to authenticate transactions would gain significant traction in the country and all over the world.
The Maharashtra State Board of Skill Development (MSBSD) leveraged DLT by issuing nearly 100,000 digital certificates on the Polygon (MATIC) blockchain to prevent duplication and manipulation of the certificates.
India’s Web 3.0 ambitions get a big boost
For a long time, India’s influencers have operated independently in their efforts to promote Web 3.0 in the country. In August, a group of enthusiasts came together to create the India Blockchain Forum (IBF).
Designed to serve as an advocacy platform for the industry, the IBF seeks to achieve several goals, including creating an Indian blockchain stack, creating a talent pool for firms, and triggering a growth spurt for the ecosystem.
The creation of the IBF coincides with the release of a regulatory framework by the Telangana state government to enhance collaboration between relevant stakeholders to improve the Indian digital assets ecosystem.
Watch: BSV Global Blockchain Convention Presentation, Making Blockchain Easy for Real-World Use
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