Has begun to extend to land records and private enterprises
release:2018-01-03 17:05:53 publisher:ZERO ONE EXCHANGE
With the popularity of digital India, block chain technology has been loved by many people. The blockchain technology continues to receive continued support from the Bank of India, and the state governments and private enterprises are increasingly exploring the blockchain, help to improve the governance, improve business process efficiency and ensure transparency.
Since the advent of Bitcoin, blockchain technology has begun to emerge in the country, although the legitimacy and authenticity of digital money are undergoing fierce debate in the country. But technology companies have begun to shift their focus to the usefulness of blockchain technology. Specifically. Indian banks have begun to develop in-agency proof-of-concept projects to try blockchain technology. PwC reports that 56% of Indian companies prefer block chains as part of their core business. The technology will affect three key areas: payment and fund transfer infrastructure, digital identity management and post-trading settlement.
However, the distributed classification systems attractive far beyond the financial services sector. In particular, it will have a revolutionary impact on the implementation of real estate transactions in India block in the chain. India land ownership can not guarantee the complete rights of owners. In addition, the real estate transactions in written form, but this information is not updated frequently. It led to numerous property disputes. According to the research on the legislation of PRS (PRS Legislative Research) published papers show that the speed of network of land records has been very slow, but also put forward a certain land has the right to move, the move is It involves a chronological record of the efficiency of the change in land property rights in India, or a digital method.
Legal experts believe that this is the block chain technology can play a decisive role in the field of India. To provide services for the banking and real estate and other industries one of the biggest partner in the law firm Trilegal Rahul Matthan said: "the land records and any other registration office in India, is the center of the secondary registration and keep in the staff in the office. The contents of these files may be altered or tampered with. But if the land documents stored in distributed ledgers, could not tamper with them"
Although the India government repeated its modernization program through India for land records (DILRMP) will realize the digital land records of interest, but the first implementation of the distributed ledgers to existing digital land records, and for the future transaction set precedent, to ensure that the transaction records of legal and government approval.
"the opportunity to build a technology layer on top of an existing registry is limitless. This allows people to perform tasks such as auditing easily and quickly, because personal data can be encrypted," Matthan said. The identity of the buyer or seller can also be kept secret. The future of real estate transactions lies in intelligent contracts that are automated and do not require intermediary participation. "
The use of block-chain land transactions is linked to the larger task of electronic governance in India. Although many state governments are exploring the use of the technology, Andhra Pradesh has already conducted tests within its sector. Leading the way. The state is working with startups such as Snapper Technologies and SimplyFy to implement block chains throughout the management process. Early last year. WISEKey, a Swiss start-up, is working with the Andhra Pradesh government on block chain concept verification. The state has launched a block chain pilot project in the land records and transport sector. Andhra Pradesh information "Network security is the top priority," says J A Chaudhry, a technology consultant. In particular, the Government is rapidly adopting digital platforms. Blockchain technology is the only trust agreement that ensures the security of all digital and financial assets. We can ensure the integrity of Prime Minister Modi's Digital India initiative. "
Chaudhry added that the government of Andhra Pradesh is trying to integrate its own electronic control plan, and to ensure that before the end of 2019 all the assets are transferred to the block chain.
Meanwhile, the vulnerability of block chain also has a serious impact on the main Private Companies in India, which are testing PoC instead of outdated business processes, saving time and operating costs.
Mahindra Group , India ' s conglomerate , and IBM developed a block - chain solution in 2016 to drastically change the supply chain financing of the India ' s Magda chain . The agency , at a meeting , said the agency saw the huge value of using distributed ledger technology to reduce operating costs . A YES Bank , one of India ' s largest private banks , said they had implemented a multi - node block Chain trading, based on smart contracts written by Cateina Technologies, a financial technology start-up. Digitize supplier financing for Bajaj Electricals.
Shekhar Bajaj, Chairman and Executive Director of Bajaj Electricals, said: "YES. BANK's blockchain solution enables us to process supplier payments in a timely manner through bank supplier financing. This solution also allows us to track the status of transactions with suppliers in real time. "
" One of the biggest obstacles in the development of block chains is scalability , " says Karthik Iyer , founder of Blockchain founder , who provides solutions and training for block chain senior managers and developers . The block chain has shifted from a scrambled technology concept to the added value of an enterprise . It also helps India attract foreign investment . The technology is still in its infancy in India , but it can accommodate the needs of large enterprises and government processes . "
The recently established BFI Foundation reaffirmed the belief that the BFI will have a strong foothold in India. BFI aims to promote the block-chain initiative and build communities in India. And to promote start-ups for different business expansion of technology.
The country's strong propensity for the digital revolution has permeated the core of the economy. As the government uses its influence to support the experimental technology, it offers an opportunity for its rapid growth to become mainstream.