The Indian state of Maharashtra wants to use blockchain to authenticate newly purchased properties. A new proof of the country’s interest in blockchain and crypto-currencies.
A first in the country
The government of Maharashtra, a western Indian state of nearly 114 million people, wants to use blockchain to ensure the authenticity and confidentiality of data relating to newly purchased goods. With this technology, he wants to promote the adoption of electronic registration for real estate.
The person in charge of these records, Shravan Hardikar said on this subject that the department will use the blockchain to avoid the duplication of the documents relating to the agreements for the cessation of assets.
He says about this innovation:
The pilot phase using blockchain has already been launched with different banks and lending companies, including the Indian Bankers Association. These actors are made aware of electronic recording documents. They are concerned that these online documents have no stamps or signatures, so how can they identify them as originals? This is why we will have a unique number on these documents. Bankers will be able to enter it into the system and ensure that the document has not been tampered with.
Fight against falsification of documents
By using blockchain, the government of Maharashtra wishes to avoid duplication or manipulation of a record on an online platform. A way to guarantee the authenticity of acts and to protect both buyers and lending organizations.
This Indian state was the first to allow electronic registration of real estate. The health crisis and the need for distancing gave birth to this service to avoid contact and the spread of the epidemic in a country that was then hard hit. So buyers can complete the procedure entirely online without going to a physical office.
The contribution of blockchain technology should make it possible to promote the adoption of this process. By improving the authentication of acts, the blockchain should make it possible to establish 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, he used a platform called LegitDoc which offers an optimal level of data protection and confidentiality.
This example demonstrates the interest in blockchain technology in the field of verification of administrative documents. It must make it possible to ensure their veracity easily and at a lower cost.
India at the forefront of blockchain
India is a crypto-currency-loving country and is at the forefront of many blockchain topics. As a reminder, Indians are second in the ranking of the number of inhabitants owning crypto-currencies with 27 million people, just behind the United States.
Many blockchain projects originated in India. The country has a large number of computer programmers and computer engineers. As such, he has the essential skills to develop projects on the blockchain.
Among the projects with Indian roots, we find in particular Polygon. The Ethereum layer 2 star is one of the most promising solutions on the market. It enjoyed major success throughout 2021 and is continuing to develop in 2022.
Another Indian project, ChainLink, is Oracle’s benchmark solution in the blockchain industry. ChainLink provides many blockchains with the non-blockchain data they need to operate.
Finally, Battle Infinity, the newcomer to the world of metaverse gaming is also an Indian project. This play earns with many features and allows you to compete against players from all over the world in different fantasy league sports. It recently attracted many investors during its pre-sale.
India is therefore at the forefront in the field of blockchain and intends to continue its development in this very promising field. It is added to the list of countries seeking the status of the world leaders in the crypto ecosystem!