With everyone wanting to grab a bite from the sumptuous cookie termed as Blockchain technology, it is also necessary that rights of those associated with the same are protected and safeguarded in the first place. This was pointed out by analysts indicating at the increasing use of blockchain architecture in fuelling Indian firms. The ledger system of blockchain which is used in tracking digital information , recording land deals and ushering in transparency into a system which have for long been handicapped with fraud and red-tapism is increasingly being tested by two Indian states off late.
It is the Andhra Pradesh government which has adopted blockchain technology to fight land/property frauds. The government has collaborated with a Swedish startup, ChromaWay to build it’s own blockchain based platform to record the land ownership titles.
The blockchain architecture which have been powering the rapid rise of Bitcoin shall also be implemented behind scaling of India’s land records. This is expected to reduce corruption, increase efficiency and boost economic progress as according to experts. However we simply cannot shy away from the fact that there also exists tremendous chances of the data getting misused.
“One of the biggest challenges with respect to big data is the fear of discrimination and profiling based on religion, caste or income level. The government should engage in responsible and ethical big data processing, and have adequate mechanisms to retain ownership and confidentiality,” said Nikhil Narendran, a partner of the law firm Trilegal in “Blockchain for Property”, a handbook targeted at its adoption, released recently.
Most of the Indian states are holders of land records which age back to the colonial era with most of the land holdings being subject to uncertain ownership. Dispute over titles and rampant fraud cause most of such cases to end up in court. A land record modernization program of national level was launched back in 2008 for surveying lands, establishing ownership and updating records which have for long been delayed with torn maps and decade old disputes.
Blockchain creates permanent public ledgers for all the transactions thus replacing the chances of mass overlapping using just one database. It shall also enable real-time updating of records thus improving transparency and efficiency and reducing chances of bribes as stated out by analysts. However, Ananth Padmanabhan , a fellow at the thinktank Carnegie India feels that for a complete switch to blockchain platform, education regarding same needs to be imparted amongst the Indian population who are mostly devoid of computer and smartphone access.
“There needs to exist a dual system, that is, an option to use the online services but also the old process of paper documents submission at the government office. If used in a responsible and ethical manner, big data can bring about real change, including in the area of land transactions. We need a model that is rights based and accountability based, so there are fewer chances of the misuse of data,” revealed Narendran to Thomson Reuters Foundation. He also voiced that such data should not be used for discriminating against people by creating profiles for example defying home loans to people belonging to poor backgrounds.
Also Read: Indian State Andhra Pradesh Adopts Blockchain Technology to Secure Citizen Data
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Tarunima Ghosh Laha is a Finance Post Grad from St. Xaviers who believes Finance is more than just Balance Sheets and Ledger creation. This filmy bookworm who believes she was a sloth in past life also nourishes a penchant of owning a private zoo someday. Equipped with a laptop and online Lexicon she is all set to give finance a glamorous makeover in the form of exciting writeups with bang on info and flashy new words.
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