Blockchain Has Potential To Reshape Land Titling In India
According to Sheila Warren, head of Blockchain & Distributed Ledger Technology, World Economic Forum, Blockchain might reshape land ownership and registers in India.
At the World Economic Forum she said that many governments, including India, are showing interest. India, she said, is also evaluating payment payment systems interfaces and the shifting of government services to an efficient, accountable, and transparent system based on blockchain.
In an interview with BloombergQuint Sheila Warren said “A lot of this is being explored at the federal level right now and there is a lot of exploration around the government processes, and they’re helping the Indian government with policy creation.”
Many states in South India are studying the possible use of this technology for land ownership rights, but such a blockchain based system is far from complete. She is hopeful that the system will be ready in the short term.
Sheila Warren further stated “If you have a blockchain-based record system, it has the immutability aspect of watching technology, which means you essentially have a permanent record of ownership.”
Warren further opined that a continuous ownership record would offer families and companies emotional safety and comfort. She was not however sure if the technology would contribute to combating corruption.
“It’s not at all obvious… If anything, one could argue that the default would be the enhanced ability to exploit the information by nefarious acts.”