The Indian state of Maharashtra wants to use blockchain as part of authenticating newly purchased properties. Further evidence of the country’s interest in blockchain and crypto-currencies.
A first in the country
The government of Maharashtra, a western Indian state with a population of nearly 114 million, wants to use blockchain to ensure the authenticity and privacy of newly purchased property data. Through this technology, it hopes to drive the adoption of electronic registration for real estate.
The head of these registrations, Shravan Hardikar said in this regard that the department would use blockchain to avoid duplication of documents related to agreements for the termination of property.
He states about this innovation:
The pilot phase using blockchain has already been launched with various banks and lending companies, including the Indian Bankers Association. These players are aware of electronic record documents. They are concerned that these online documents do not have stamps or signatures, so how can they identify them as originals? That is why we will have a unique number on these documents. Bankers will be able to put it into the system and make sure that the document has not been forged.
Fighting against document forgery
By using blockchain, the Maharashtra government wants to avoid duplication or manipulation of a record on an online platform. This is a way to guarantee the authenticity of the documents and to protect both the buyers and the lending institutions.
This Indian state was the first to allow electronic registration of real estate. The health crisis and the need for distance gave birth to this service to avoid contacts and the spread of the epidemic in a country then severely affected. Thus, buyers can carry out the entire procedure online without visiting a physical office.
The contribution of blockchain technology is expected to drive the adoption of this process. By improving the authentication of deeds, blockchain should help build trust and security in this procedure. Maharashtra had already distributed 100,000 verified and authenticated digital certificates on the Polygon blockchain in August. For this, it used a platform called LegitDoc that offers the highest level of data protection and privacy.
This example clearly demonstrates the interest of blockchain technology in the field of verification of administrative documents. It should make it possible to ensure their veracity easily and at a lower cost.
India on the cutting edge of blockchain
India is a crypto-currency enthusiast and a leading country on many blockchain topics. As a reminder, Indians are second in the number of people owning crypto-currencies with 27 million people, just behind the United States.
Many blockchain projects originate from India. The country has a significant number of computer programmers and software engineers. As such, it has the essential skills to develop blockchain projects.
Among the projects with Indian roots, we find Polygon. The star of layer 2 Ethereum is one of the most promising solutions on the market. It has been successful on a large scale throughout 2021 and is continuing its development in 2022.
Another Indian project is ChainLink, oracle’s industry-leading blockchain solution. ChainLink provides many blockchains with the data outside the blockchain that they need to function.
Finally, Battle Infinity, the newcomer in the metaverse gaming world is also an Indian project. This play to earn with many features allows to face players from all over the world in different fantasy league sport. It has recently attracted many investors during its pre-sale.
India is thus at the forefront of the blockchain field and intends to continue its development in this very promising area. It joins the list of countries seeking the status of a global leader in the crypto ecosystem!