In an unprecedented move, the government of Andhra Pradesh has decided to use state of the art “blockchain technology” in land registration process and road transport. The government of AP and Switzerland based startup “ChromaWay” have partnered to start the “blockchain based solution” to make land registration and RTA more transparent.
What Happened? As part of the “Fintech Valley Vizag” initiative, a nationwide “Block Chain” summit which is touted to be the biggest one in India so far was held and the government of Andhra Pradesh has signed several MOU’s and partnered with startups. This is going to be a crucial factor that will redefine the way transactions occur in our state and the startup “ChromaWay” is going to work on the land registry pilot that will use this new blockchain technology to track and keep a record of the ownership of the property.
And? This is only a test platform that is being created and will work as a prototype which upon being successful will be implemented throughout. This project represents that all over the globe the trend of public sector partnership with startup’s like ChromaWay to use modern day technology and form hassle-free governance. After, “Honduras and Switzerland” government “Andhra Pradesh” is the recent entry into this list.
What Is Block Chain?
Bitcoin: Bitcoin is a user-to-user payment system and digital currency that is introduced as an open source software in the year 2009 by a pseudonymous developer named “Satoshi Nakamoto”. It is a cryptocurrency and uses cryptography to control the creation and transfer of money from one end to another. Participants are known as “miners” verify and timestamp these transactions into a shared public database called the “blockchain”.
Blockchain: Going by the name “blockchain” it represents a chain of verified transactions that are stored and recorded with a unique fingerprint-like “hash number” when one block is completed a new one begins and each block formed is linked with the previous and successive transactions that are made. It uses a unique “distributed ledger technology (DLT)” to store and interpret transactions.
How Does It Work With Property? In simpler terms, when a contract is formed it will be saved locally, in the cloud by the realtor or designated storage devices, the land registration department that can easily be verified and cross-checked. This will be done with “Hashes” (a digital ”fingerprint”). The complete set of information here will only be visible for the parties involved in this property transaction. In case of the regular method, there will be no way to know if a file has been changed or tampered with. But, with blockchain technology, you can establish a fixated flow of transactions that have occurred and the details of a contract between parties involved.
Apart from these, the government has also launched “Broadridge Centre of Excellence” for Blockchain technology which is the first such centre in the country dedicated solely for “blockchain”. “Thomson Reuters Center of Excellence” will also be set-up in partnership with Government of AP at Gitam University in Visakhapatnam.
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