Non availability of encumbrance free land, non-updation of land records and resistance to joint measurement survey of land records delayed a lot of infrastructure projects in the country. Land record management is controlled primarily by three departments, namely, Revenue Department for textual records and maintenance, Survey & Settlement Department for the maintenance of cadastral maps and Registration Department for verification of encumbrances.
India's land record management system is still in a transition phase and once the information related to the property (current owner, cadastral survey, among others) is digitized under the current Digital India Land Records Modernization Programme initiative, the same can be put on a blockchain and regulated by certain rules (Regulatory Policies) using smart contracts. This in turn will be helpful to other stakeholders such as banks, courts, real estate agents and buyers who will be able to substantiate the veracity of a particular record in real time.
emBlock which is based on a Hyperledger Fabric has the following business blockchain components:
Registration and Stamp Revenue Department
Survey and Settlement Department
External Agencies like Banks, Courts etc
The following information will be accessible to all the participants on the blockchain:
- Registered sale deed between the seller and the buyer
- Transfer or change of title of property
- Updated land related data and maps (as provided by the survey & settlement department)
- Data pertaining to the revenue collected
- Banks can view land records and buyer's credit worthiness before issuing loans
- Partition of plots and simultaneous updation of Cadastral Maps
- Reclassification of Land Use, Correction of Land Records against Appeal cases & Court's Order.
- In the case of mortgaged property, banks and housing finance companies can validate the information and seek correction if there are any differences in the land pledged to them.