Forbes: Indian blockchain revolution out of the banking sector, extending to land records and private sector

nRunaway Comment: With the popularity of India’s digital, blockchain technology has been the favorite of many people. Now that blockchain technology continues to be supported by Indian banks, state governments and private-sector companies are also increasingly exploring the blockchain to help improve governance, improve business process efficiency and ensure transparency. The country’s strong propensity to the digital revolution has infiltrated the heart of the economy. As the government uses its influence to support this experimental technology, this provides an opportunity for the rapid development of this technology to become mainstream.n
nTranslation: Clovern
With the digitalization in India, blockchain technology has enjoyed a lot of people’s love. Blockchain technology continues to receive sustained support from Indian banks, and state governments and private-sector companies are also increasingly exploring the blockchain to help improve governance, improve business process efficiency and ensure transparency.n
Blockchain technology began to emerge in the country after Bitcoin emerged. While the legitimacy and authenticity of cryptocurrencies are undergoing intense debate in the country, technology companies have begun to shift their focus to the practicality of blockchain technology. In particular, Indian banks have begun to develop in-agency proof-of-concept projects to try blockchain technology. According to the PricewaterhouseCoopers report, 56% of Indian firms prefer to use blockchain as part of their core business, and the three key areas that the technology will impact are: payment and money transfer infrastructure, digital identity management and Settlement after the transaction.n
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Not only for the bankn
However, the attractiveness of distributed ledger systems extends far beyond financial services. Specifically, the implementation of the blockchain in real estate transactions in India will have a revolutionary impact. Indian land ownership does not guarantee the owner’s full rights. In addition, real estate transactions were completed in writing, but the information was updated less frequently, leading to numerous property rights disputes. According to a paper published by the PRS Legislative Research, the pace of networking land records has been slow and a definitive land ownership initiative has been proposed that involves a chronological record of changes in land ownership in India Efficient, or digital method.n
Legal experts believe that this is where blockchain technology can play a decisive role. Rahul Matthan, Partner at Trilegal, one of India’s largest law firms serving the banking and real estate industries, said:n
n”Land records, like any other registry in India, are centralized and remain in the sub-registrar’s office and the content of these documents may be altered or tampered with, and if land documents are kept in a distributed ledger It’s impossible to tamper with them. “n
nAlthough the Indian government has repeatedly emphasized its interest in digitizing land records through the DILRMP, the implementation of distributed ledger accounts first digitizes the existing land records and sets a precedent for future transactions To ensure that the transaction is legal and approved by the government.n
Matthan said:n
n”The opportunities to build a technology tier over existing registries are endless, allowing people to perform tasks such as auditing easily and quickly, as the personal data can be encrypted, and the identity of the buyer or seller can be kept confidential.” The future of real estate transactions lies in Smart contracts that are automated and do not require intermediaries. “n
nThe use of blockchain for land deals is related to the larger task of electronic governance in India. Although many state agencies are exploring the use of this technology, Andhra Pradesh has conducted tests within its own department, leading the way. The state is working with start-ups such as Snapper Technologies and SimplyFy to implement the blockchain throughout the management process. Earlier last year, Swiss start-up WISEKey and the Andhra Pradesh government collaborated on blockchain proof-of-concept (PoC). The state has already conducted blockchain pilot projects in the land records and transportation sector. JA Chaudhry, information technology consultant at Andhra Pradesh, said:n
n”Cybersecurity is the top priority, especially as the government is rapidly adopting a digital platform. Blockchain technology is the only trust agreement that guarantees the security of all digital and financial assets. Through the implementation of the blockchain across all government agencies, we can ensure that the premier Di’s Digital India Initiative’s Integrity. “n
nChaudhry added that the Andhra Pradesh government is working to consolidate its own e-governance plan and ensure that all assets are transferred to the blockchain by 2019.n
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Wild Liaoyuan trendn
In the meantime, the blockchain loopholes have also had a serious impact on major private Indian companies that are testing PoC replacing outdated business processes and saving time and operating costs.n
Indian group Mahindra Group and IBM developed a blockchain solution in 2016 to revolutionize supply chain financing in India’s Mahindra chain. Sankarson Banerjee, chief technology officer at the National Stock Exchange, said at a conference that the agency saw tremendous value in using distributed ledger technology to reduce operating costs. YES Bank, one of India’s largest private banks, said it has implemented a multi-nod blockchain deal to digitize supplier financing for Bajaj Electricals based on smart contracts written by finance technology startup Cateina Technologies. Shekhar Bajaj, Chairman and Managing Director of Bajaj Electricals, said, “YES BANK’s blockchain solutions enable us to process supplier payments in a timely manner through bank supplier financing without the need for tedious paperwork and manual intervention.” This solution It also allows us and our suppliers to track the status of transactions in real time. “n
Karthik Iyer, founder of Blockchain Monk, which provides solutions and training for blockchain executives and developers, said one of the biggest hurdles in the growth of the blockchain was its scalability.n
n”The blockchain has shifted from a hyped technology concept to the added value of an enterprise, and blockchains can also help attract foreign investment in India, a technology that is still in its infancy in India but accommodates large enterprises and governments The needs of the process. “n
nThe recently established BFI reiterates the faith that the blockchain will certainly gain a firm foothold in India. The BFI is designed to drive blockchain initiatives in India, build communities and help start-ups scale their technology for different businesses.n
The country’s strong propensity to the digital revolution has infiltrated the heart of the economy. As the government uses its influence to support this experimental technology, this provides an opportunity for the rapid development of this technology to become mainstream.n

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