Amaravati is the new capital city which is being built in southern India. The land acquired by the government as well as the other work for the city is being done with the help of blockchain technology. As a result, the documentation is tamperproof. Moreover, blockchain is providing secure and transparent transactions as well. This ensures that property fraud can be prevented as well. However, the only difference is that the company which the government is using for the same is entirely private.
Blockchain potential
According to the locals, the processing is being done at a faster pace due to the blockchain technology. As a result, the registrations for the properties as well as the transfer of the land is taking place pretty fast as well. This is ensuring that there is no delay in the work of the government. Also, in order to avoid any kind of confusion, there are a total of 58 different attributes which are being taken into account when land transferring is done. This ensures that there is no confusion at all. Up until now, there are over 83,000 records in the database. All of these are being maintained with the help of blockchain technology which ensures that not a single record is missed. Owing to the blockchain technology, all of these are available online. As a result, it is becoming easier for the farmer’s as well as the land sellers to complete the transaction as well.
Moreover, owing to the digital records which are created, there is no encroachment on the plots as well. When there is no encroachment on the plants, it becomes much easier for the farmers to sell their properties as well.
What is the downside?
The only downside is that corruption cannot be avoided with the help of blockchain technology. That is why, even though the processes are entirely efficient but since they are initiated by humans, there is corruption involved as well. That is why, even though the digital transactions might be transparent but the system entirely is not transparent as well.
With that being said, as the bureaucracy is significantly reduced, the level of corruption is reduced as well. Moreover, the permissions are needed in order to sell the property are also on the lower side which ensures that the transactions are done at a comparatively faster pace.
It remains to be seen whether, in the future, the same blockchain-based land transfer agreement can be done over the entire state rather than just for the capital. Up until now, even though the blockchain-based system is not entirely perfect but it is much better than the alternatives.
