Land record-keeping over blockchain
Being a second populous country and seventh-largest nation globally, Land Record keeping in India is a vast transactional activity where most processes are manual and non-digital. Digital access of records, simplification of the process to bring transparency for buyer-to-seller to-authority, and a tamper-proof ledger are extremely necessary to deal with the increasing numbers of litigation cases.
The current set-up of land records transactions involves multiple departments like land, revenue, forest, banks, and others as key stakeholders. These numerous stakeholders are involved in the transactions, so keeping track of deadlines and SLAs is difficult and complex, leading to delay in assigning ownership or transfer of ownership, etc. Any errors in the ledger can affect ownership rights. These manual ledgers and paperwork can be easily forged, affecting the ownership and leading to boundary or land litigation disputes.
In the absence of a will, the partition of property among successors of the deceased owner is again a complex process. Even the validation and verification of forged documents during the process is not an easy task, and it leads to delay due to complexity even it’s not accurate.
A blockchain-based next-generation end-to-end solution is required to overcome all these issues, ensuring privacy, security, and a tamper-proof platform.
How can a decentralized blockchain-based solution help overcome the above challenges?
- Multiple vital stakeholders can be onboarded on the chain to share the data through smart contracts over the private channel as and when required quickly.
- SLA of each stakeholder or department can be tracked easily and made available in a real-time dashboard.
- A golden record or ownership database can be maintained, accessible to authorized users over the chain to validate the transactions and records.
- This mechanism can identify fake documents by verifying them against the golden database.
- Dynamic parameters like ownership, mortgage information, litigation status, property tax details, etc., can be easily derived from a tamper-proof master source.
- Any land dispute associated with boundaries can be immediately flagged in real-time.
- The sanction of loans against land or property can be facilitated easily and quickly.
- The allocation process of new lands or property will be more transparent.
- Transfer of ownership can be done over an immutable platform that can quickly be backtracked and remain tamper-proof.
- Once land allocation or transfer of ownership is confirmed, it can be approved on distributed ledger where each transaction is signed off with a digital signature, timestamp, and digital key of the user.
A next-generation E2E solution over blockchain would be digital, decentralized, transparent, and immutable. It could help simplify the land record-keeping process where multiple departments are involved by bringing transparency across the chain by utilizing blockchain’s key features. A tamper-proof distributed ledger among the stakeholders will increase efficiency by improving response time, real-time analysis, and data availability.
Streamlining partnership through decentralized technology