PROPERTY CHAIN
In India, with the introduction of digital property records system in the last two decades, several States do have a digitized property records and have enabled all transactions to be performed using the digital platform. Several States have also integrated the property registration system to exchange data to ensure that registration of property by a party is intimated to the property records system to facilitate the automatic initiation of mutation and complete the process of approval for modification of ownership details.
In-spite of availability of electronic data, there has been no great reduction in the number of property related court cases filed in the various courts of the country. Instances of data manipulation, production of fake document are some of the causes leading to a rise in the number of property disputes. These frauds cause great hardship to the citizens who rely on the developers and hence, are not able to take an informed decision.
Blockchain powered property management system enables the availability of common ledger of the property related transactions with all related stakeholders. The property details and all the transactions on the property would be stored in the blockchain . The transactions could include pledge of property, release of pledge, inheritance mutation, sale, gift , acquisition initiation, alienation etc. Even while the process of the mutation is being executed in the land records system all the stakeholders will be able to see the complete history before taking decision. The prospective buyers will benefit greatly by ascertaining the ownership and also the rights , liabilities , details of GPA etc. This will greatly reduce the litigations and speed up the disposal of disputes/cases.
