Indian State Uses Blockchain Technology to Stop Land Ownership Fraud – Business and Finance tips and Advice

Indian State Uses Blockchain Technology to Stop Land Ownership Fraud

The federal government of the Indian state of Andhra Pradesh is exploring using Blockchain know-how in its land possession system to make it extra clear. To advance this initiative, the federal government has partnered a Sweden-based startup.

Based on the state’s particular chief secretary & info know-how advisor J. A. Chowdary, there may be prevalent corruption within the present system, with an estimated $700 million paid in bribes to land registrars throughout India.

“The present system is rife with corruption. It’s estimated that $700 million is being paid in bribes at land registrars throughout India. Fraud is rampant and disputes over titles usually find yourself in courtroom. Issues associated to land and property make up about two-thirds of all civil instances within the nation.”

Transient particulars of the initiative

Below the settlement, the Blockchain pilot take a look at can be carried out on a hybrid platform that mixes parts of Blockchain and conventional database programs. Customers will work together with an internet utility on the front-end, and their knowledge can be processed utilizing the know-how on the back-end.

In an e-mail interview with CNBC, the chief government officer of this startup, Henrik Hjelte, mentioned that they’ve developed a registry that’s safe, resilient, and clear.

“Utilizing a brand new structure combining Blockchain with database, [we] have made a registry that’s clear, resilient and safe, but in addition has the standard database options essential for a registry.”

Issues with land registry fraud will not be solely a difficulty in India. In actual fact, such points are prevalent in growing areas reminiscent of Africa the place Blockchain’s clear and immutable nature could possibly be helpful.

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