Generally the data pertaining to land and its specifics are recorded in the database of various departments of the government. The way in which it is recorded would significantly vary between every state. Acquiring access to this could potentially incur high costs and time. It could especially lead to constant interaction and bribing the representatives of the government. This has become a major problem, because a substantial amount of civil cases pending in India are in fact related to the ‘establishment of ownership’.
What if we can avoid those problems if we go digital? What does this technology entail? How is it going to solve our problem?
Blockchain technology helps us going digital in recording the data pertaining to the land.
The introduction of the revolutionary blockchain technology has suggested solution to this daunting problem. Cryptocurrencies have initiated the novel idea of loading and exchanging the information between the participants, without a middleman. Once when it decided on what a valid record is, various cryptographic users utilize algorithms to form and change the records.
All participants are permitted to do this in a public blockchain, unlike a private ssytem where the power vests only with appointed participants.
Any new information can be added and can be linked to the old entry made, so that it can be traced out. This way, all participants can access the information without wasting any money, time and effort. Therefore this provides security, transparency, indisputability and easy access to the data.
Blockchain tech will ensure proper storage of data even for those properties for which data is not recorded accurately, or for those properties whose ownership has been in question, or whose rights have not been completely captured.
Though the benefits of using blockchain technology for this purpose seem less, it will be a life saver in the long run. By implementing the powerful method suggested by blockchain technology to record the data pertaining to the land, we can hope to build a firm structure for a weak foundation.
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