Blockchain is not only disrupting the banking sector, but there are many use cases that are studied and implemented to bring transparency and enhance security in the property sector.
To enhance the security of land records in the state, the Telangana government has decided to use blockchain technology to digitize all land & revenue records. This process will provide a tamper-proof and secure data of all land records in the state.
According to a pilot study done by the state revenue department, close to 20% of land records in villages across the state found to be erroneous as the database have been tampered with.
By using blockchain technology, the Telangana state government is hoping to prevent fraud and misuse of the current ways of registering the land/property.
How Blockchain can do away with erroneous data in land records
Explaining with an example, Telangana government state principal secretary for information and technology, electronics, and communication Jayesh Ranjan said, with blockchain technology IT department will prepare a database which will utilize geographic information systems (GIS) to map the properties of landowners in its records.
When any data is changed, a dynamic up-gradation of data will take place and changes or transactions will be recorded in the system that will cut fraudulent methods.
Where it will be used
The technology is being used by the state government to implement an input subsidy scheme that spread across over 10,000 revenue villages.
The state government is verifying and updating land records before starting the input subsidy scheme, under which land-owning farmers will get INR 4,000 per acre (in both Rabi and Kharif seasons) to buy things like fertilizers.
Regko, a Mumbai-based company providing blockchain-based digital asset registry solutions founder Manish Kumar said that Telangana is a front runner in using the new technology. Other governments that have reformed on property deals are Andhra Pradesh & Rajasthan.
To cut down litigations in the real estate sector
Rakesh Reddy Dubbudu, an open-data expert who is currently working with the Telangana government as a consultant, said that blockchain is like distributed computing, which helps trace transactions from the day they start. “It cannot be tinkered with. Most civil cases in courts are property-related, and if we have this (technology), then it will be easy for the judiciary as well,” he added.
Launches the blockchain district accelerator program with Tech Mahindra
Under this, the Telangana government will help provide the required regulatory framework to enable and promote Blockchain growth, whereas, Tech Mahindra will enable the creation of an ecosystem which will empower start-ups to solve tough business problems for clients across diverse industry verticals.
Ranjan also said that the accelerator will be a torch-bearer to multiple future blockchain accelerators in the country.
Other use cases include chit funds operations, microfinance and education
Kumar said that blockchain will help reduce litigations in courts as well. A lot of the litigation will be cleared, and the cost, time and effort of transactions will also decrease considerably. This is a bold move by the government. We are currently engaged with a few progressive state governments.
According to the NASSCOM Avasant blockchain report, the Telangana government has implemented blockchain technology in various projects such as land registry, chit funds operations, microfinance for self-help groups (SHGs) and digital education certificates among others.
2020: A year of AI
Telangana is the only state that has declared 2020 as the ‘Year of AI’ on 2 January 2020. The state said that it is formulating AI and blockchain-related incentives, which is said to generate 800,000 jobs in India. In addition to this, the government will be preparing the state’s AI strategy framework document, under the guidance and support of NASSCOM and various industry veterans and technology experts.
Interestingly, Telangana claims to be the first state to have prepared blockchain and drone framework documents in the country.
It has collaborated with a lot of stakeholders to push the adoption of blockchain technology and is also collaborating with Indian Institutes of Technology (IIT) Hyderabad and Centre for Development of Advanced Computing (C-DAC) to build a state-level blockchain platform. It has also partnered with NITI Aayog, a policy think tank of the government of India for blockchain in governance.