The most talked about technology in the last decade is making its way into the real life use cases for Indians. The Maharashtra government has announced that they are developing a blockchain that will store the data of registration of the property owners.
The blockchain will not only store the e-registration data but also help in authenticating it. So far a total of 417 developers in the state have opted for this e-registration system.
Soon after the Maharashtra government started the process of e-registration for newly constructed properties, yesterday, on 6 September 2022, the state government announced that it has developed a blockchain technology that will help in storing the e-registration data of the owners. This data can then be shared with relevant stakeholders including property buyers, government authorities, and financial institutions that were involved in funding the purchase.
As per the Money control news, Shravan Hardikar, Inspector-General of Registration and Stamps, Maharashtra said, “We have developed a blockchain technology where all the data of e-registration is being stored. It is under pilot and will be launched soon. The blockchain will store all the data of e-registration and it will authenticate the data. Currently, 20 percent of the registrations come for signing a correction deed, and we need technology to handle the data.“
The Inspector General of Registration and Stamps also added, “As many as 4,000 e-registrations have taken place till now, and we expect a majority of them to happen online in the coming days. Overall, annually three million registrations take place of which 0.3-0.4 million are for newly constructed properties. We expect everyone to go online.“
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What is a Blockchain?
Blockchain’s impact on industries is increasing rapidly. The technology has the potential to disrupt all the industries of the modern world with its decentralization and mutual trust behavior. Financial services were the early adopters of blockchain, but presently, every industry wants to try this technology. Supply-chain, healthcare, social media, entertainment, energy, gambling, gaming, robotics, analytics, marketing, real estate, retail & e-commerce, education, charity, legal, art and social media industries have their projects already proliferating in the market. The biggest advantage of a distributed ledger is maintaining an unchangeable shared ledger between two firms which gets automatically updated after every transaction.
In the decentralized system, the information is not stored in one place. Every time a new change occurs or a new transaction happens, the node first verifies the transaction and then receives a copy of the new state of the ledger. A full node is basically a device (like a computer) and not a human who is doing the verification task manually. However, the entire blockchain data is publicly available on the internet and anyone can become a node by downloading the same. All nodes on a blockchain are connected to each other and they constantly exchange the latest blockchain data with each other so that all nodes stay up to date. They store, spread, and preserve blockchain data. Hence, theoretically, a blockchain exists on nodes.
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