There are many countries and companies that are using distributed ledger technology (DLT) to keep track of transactions. According to the reports, Maharashtra, India’s one of the most populated cities, will use blockchain tech to revamp documents of new land properties in their region. Their main motive for using the technology is to increase trust among the industry participants and reduce fraud cases.
Shravan Hardikar, Maharashtra’s Inspector General of the Department of Registration and Stamps, announced at a conference that they have already started to adopt DLT for property registration in their region which can be helpful for them.
Mr. Hardikar Thoughts Over DLT
In a recent press conference, while talking about DLT, Hardikar said that the blockchain pilot has already started with the bank and other different mortgage companies, which includes many famous associations. He added that these organizations are being made aware of the e-registration documents as several questions were raised about online documents not having any stamp or signature.
Now, you may have a question: how can they identify whether a document is original or not? Talking about this problem, Hardikar said that the information regarding every registered document would be stored on public leaders, and documents would have serial numbers to simplify the search for information about any property. This will put the investors and the lenders on the safe side.
Besides that, they will also have a unique number on the registered documents, which can be used by bankers or lenders to match and identify whether the document is original. This is a straightforward and time-saving method to check the originality of the document.
India inspired by WEB3
For the last few months, many Indian influencers have been working hard to make people understand the significance of WEB 3.0 in their country. Last month, even a group of WEB3 enthusiasts came together to create the IBF. It has been designed to serve as an advocacy platform for the crypto industry. It seeks to achieve several objectives, including a growth boost in the ecosystem, building an Indian blockchain stack, and several more.
What are your thoughts on the new method being adopted by Maharashtra Government to register properties using blockchain? Do you think that it will reduce fraud cases? Let us know in the comments below. And, if you found our content informative, do share it with your family and friends.
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