Subex: Keeping land registers on blockchain
As the second populous country and the seventh largest nation in the world, keeping land records in India is a large transactional activity where most of the processes are manual and not digital. Digital access to records, streamlining the process to bring transparency to authorities from buyer to seller, and a tamper-proof registry are critically needed to deal with the growing number of disputes.
The current setup of land registration transactions involves multiple departments like land, revenue, forestry, banking and others as key stakeholders. With these many stakeholders involved in transactions, tracking deadlines and SLAs is difficult and complex, causing delays in the allocation of ownership or transfer of ownership, etc. Any error in the general ledger can affect property rights. These manual records and documents can be easily falsified, affecting property and leading to boundary disputes or land disputes.
In the absence of a will, the division of property between the successors of the deceased owner is again a complex process. Even validating and verifying forged documents during the process is not an easy task, and it causes delays due to the complexity even if it is not precise.
A next-generation end-to-end blockchain-based solution is necessary to overcome all of these issues, ensuring privacy, security and a tamper-proof platform.
How can a decentralized blockchain-based solution help overcome the above challenges?
Several vital stakeholders can be integrated into the chain to share data through smart contracts on the private channel when needed quickly.
The SLA of each stakeholder or service can be easily tracked and made available in a real-time dashboard.
A gold record or property database can be maintained, accessible to authorized users across the chain to validate transactions and records.
This mechanism can identify fake documents by checking them against the golden database.
Dynamic parameters such as property, mortgage information, litigation status, property tax details, etc. can be easily derived from one tamper-proof primary source.
Any land dispute associated with the boundaries can be immediately reported in real time.
The sanctioning of loans against land or property can be facilitated easily and quickly.
The process of allocating new lands or properties will be more transparent.
The transfer of ownership can be done on an immutable platform that can quickly turn back and remain tamper-proof.
Once the land allocation or transfer of ownership is confirmed, it can be approved on the distributed ledger where each transaction is signed with a digital signature, time stamp and user digital key.
A new generation E2E solution on blockchain would be digital, decentralized, transparent and immutable. This could help simplify the process of keeping land registers where multiple departments are involved by bringing transparency throughout the chain using key blockchain functionality. A tamper-proof distributed ledger among stakeholders will increase efficiency by improving response time, real-time analysis and data availability.
Streamline the partnership through decentralized technology
Subrat Saurabh is a Product Director, responsible for Partner Lifecycle Management and the blockchain initiative at Subex. He primarily focuses on enterprise solutions and billing and settlement while engaging in digital transformation consulting for telecom companies and other B2B businesses.
Subex Limited published this content on January 11, 2022 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on January 11, 2022 12:37:04 PM UTC.