The Central Government’s move to bring in a law in the Parliament regarding cryptocurrencies has sparked a debate among investors about the future of crypto in India.
One common view regarding the law is that a framework should be provided so that no illegal or Ponzi scheme can operate on the said network but the most important thing about it is, the technology it employs. We should not reject technology as it is the most advanced.
Cryptocurrency uses blockchain technology to store data on different systems. When data is stored on a single network there are high chances that it can be hacked and the data can be changed but with a blockchain network it doesn’t leave a possibility of change in the original as the data is spread across all systems.
This technology is used by the government to help cut down the corruption and malpractices which are harming the system. Two Indian states are moving forward with this technology. They are Andhra Pradesh and Telangana.
Andhra Pradesh Government adopted block-chain technology after they found many problems in land records in building their capital Amravati. With the technology, they made property transactions tamper-proof.
In land records attributes of the property like static and dynamic are registered. Static land records include Plot No, Dimensions, Allotted area, Land use, etc. In Dynamic attributes like Person’s ID, Mortgage information, Litigation status, etc. are stored. And the most important attribute of both of them is that they are query-able.
For selling a property one has to book an appointment on an App operated by the Government. With that done person’s Land Documents with map, certificates with a QR code are sent by officials to the registration office in a couple of hours. This use of technology empowers the common man and saves them from fraud.
With an absolute record of the title without human interference, records being visible to all, and with changes appearing all across networks, this blockchain system has the absolute power to revolutionize the Real Estate sector in India.
In the recently held NAREDCO Conference in Ahmedabad, Real Estate Developers raised as many around 50 issues relating to Revenue and around 31 issues relating to Urban Development, if the block-chain technology is adopted many of the issues can be resolved.
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