India Wants to Use Blockchain in the Real Estate Sector
The government of the Indian state of Maharashtra is taking steps to ensure the confidentiality of data relating to newly purchased properties.
Shravan Hardikar, inspector general of “The Department of Registration and Stamps“, said during a press conference held on Tuesday, September 7, in Mumbai, that the department will use blockchain technology to avoid duplication of authentic contract documents, Economic Times reported.
The aim is to boost consumer confidence and increase the use of electronic registration of newly acquired properties.
“The blockchain pilot has already been initiated with banks and other mortgage companies, including the Indian Bankers Association. They are familiar with the e-registration documents as issues have been raised that online documents do not have stamps and signatures, so how can they identify them as original documents?”
“For this purpose, in the second stage, we will have a unique number of these registered title deeds which the bankers will be able to enter into the system and compare. If it does not match, it means the document has been forged.”
Blockchain is used to prevent the manipulation of registration
The main purpose of implementing blockchain technology is to prevent duplication and manipulation of registration that has been done in an online platform. According to Hardikar, this will protect the interests of property buyers as well as lenders.
Not to be overlooked is the fact that Maharashtra is the first state to allow e-registration of real estate on first sale. During the COVID-19 epidemic, when maintaining social distance was important and visiting the registry office was difficult, the e-registration service came into being.
The registration procedure can be carried out online and homebuyers are not obliged to visit the Department of Registration and Stamps (DRS).
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Hardikar claims that with seamless online registration in the coming years, all such transactions will be completely online. The administration is also said to be considering doing away with the need for witnesses during registration.
Elsewhere, in August, through the LegitDoc platform, the Maharashtra State Board of Skill Development (MSBSD) distributed approximately 100,000 verified digital certificates anchored in the Polygon (MATIC) blockchain to ensure the highest degree of data protection, privacy, openness and cost savings.