KryptoMoney.com > Blockchain > Indian State Plans to Fight Land Property Frauds Using Blockchain Technology

Indian State Plans to Fight Land Property Frauds Using Blockchain Technology

latest blockchain news | latest blockchain updates | blockchain technology in andhra pradesh | blockchain technology in india

Andhra Pradesh to adopt Blockchain Technology to Curb Land Property Frauds

 The Blockchain Technology which is said to be the heart of several operating cryptocurrencies is finding its use for yet another potential application for other industries as well. The Indian state of Andhra Pradesh has proposed the idea of using the Blockchain Technology to make the land ownership system more transparent.

Andhra Pradesh will build its own blockchain-based solution in partnership with a Swedish startup – ChromaWay

Also Read: Sweden successfully concluded registration of Land on Blockchain Technology

The Technology Used Behind the Project

 ChromaWay has accomplished some blockchain projects in its home country which involves buying and selling of real-estate. With its new project with the Andhra Pradesh government, it aims to combine the benefits of blockchain technology with the traditional land registry database.

So, for this project, ChromaWay is planning to use its own “Postchain” platform which is a mix of the mature database systems and the Blockchain technology. This solution allows users to interact with web applications on the front-end while the Blockchain technology is processing data on the back-end.

Also Read:Indian State Andhra Pradesh Adopts Blockchain Technology to Secure Citizen Data

Henrik Hjelte, CEO of ChromaWay said:

“Using a new architecture combining blockchain with database, a consortium database, ChromaWay have made a registry that is transparent, resilient and secure, but also has the traditional database features necessary for a registry.”

Mr. J.A. Chowdary, special chief secretary & IT advisor to the chief minister of Andhra Pradesh, is working to unearth the rampant corruption associated with the existing system by using this blockchain technology.

Mr.J.A. Chowdary said:

“The current system is rife with corruption. It is estimated that $700 million is being paid in bribes at land registrars 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.”

One of the key advantages of blockchain’s distributed ledger technology is that it allows for data to be stored in vast groups, which is absolutely tamper-proof and thoroughly encrypted. Such a data is then maintained across a network of computers with no specific central authority to oversee it.

Get latest Blockchain news and updates on KryptoMoney.com.

Subscribe to our newsletters and join our Telegram Channel to stay updated.

Also Read: Indian State of Karnatka Plans to Regulate Blockchain in Public Sector

Bhushan Akolkar
Bhushan Akolkar
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge.

Leave a Reply

Your email address will not be published. Required fields are marked *