Blockchain Real Estate in India
We have been hearing a lot about how Blockchain technologies can revolutionize industries. One industry that has been getting some attention these days has been in Real Estate. This is because the Real Estate business is a slow-moving business. A sale of a property can take between 10-14 weeks and has many challenges and extra fees along the way. However, the one country that can benefit the most in regards to Blockchain in real estate is in my opinion India. The Blockchain can revolutionize India’s real estate industry.
The setup in India at the moment makes it very difficult for them to verify ownership of land. This is because it has been passed down from generation to generation. You may get to a point where you are selling a property to someone who has no idea that is is actually theirs. So if the blockchain can implement a system for transparency. In India, at the moment everything is on paper, unlike other countries who have moved it to digital. Paperwork can easily be forged. The Blockchain will bring a great verification process to guarantee this person owns the land.
This is how it could work.
A person sees a property they would like to buy. He or she would open the blockchain ledger on their computer with their private key and looks through the property on the government’s land registry database using the ID provided by the seller on their advertisement. There they will be able to see all the details about the property from ownership to property taxes and so on. Bankers and lawyers can be added and the deed can be signed digitally.