India Uses Blockchain For Real Estate

India Uses Blockchain For Real Estate

India is reportedly using blockchain technology to prevent land ownership fraud.

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India is reportedly using blockchain technology to prevent land ownership fraud.

The technology that is behind cryptocurrencies like Ethereum is now finding application in different industries like real-estate. It allows data to be stored in groupings that are encrypted, while requiring no central authority to oversee the process.

More specifically, the government of India`s Andhra Pradesh signed a deal with Swedish start-up ChromaWay to build a blockchain solution trying to solve the problem with real-estate fraud.

According to statistics, $700 million is being paid in bribes at land registras across India.

“Fraud is rampant and disputes over titles often end up in court. Matters related to land and property make up about two-thirds of all civil cases in the country.“, commented J. A. Chowdary, special chief secretary & IT advisor to the chief minister of Andhra Pradesh, who spoke to CNBC news.

ChromaWay has already trialed a blockchain project in Sweden. Their pilot focused on the process of buying and selling real-estate. Now they have the intention to combine the features of a traditional land registry database with that of blockchain technology.

The trial will be built on ChromaWay`s “Postchain” platform. As ChormaWay CEO Henrik Hjelte told CNBC, the company has made a registry that combines new architecture with the traditional database features necessary for a registry.

It is to be seen how the government of the Indian state will make use of the platform to fight fraud and make the process of selling and buying land more transparent.

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