Author: Jagdish Kumar, India
With an idea to digitize all land record in the country, usage of blockchain will increase further, a report by Colliers Research said.
In its report, Colliers Research said that though there is no immediate possibility of blockchain, but there are other areas, such as smart contracting, notary services will require blockchain technology.
Speaking on this, Joe Verghese, Managing Director at Colliers International India said that despite initial issues, blockchain disruption is a long-awaited reform that the real estate industry arguable requires worldwide.
It was reported that blockchain startup Zebi has announced that its blockchain artificial intelligence (AI) solution has been implemented in the hospitality industry of the Indian state of Andhra Pradesh.
Last month, blockchain startup, Zebi AI Chain has announced that it has launched a solution that integrated across over 200 hotels, including The Park, Taj Gateway, and Novotel in Vizag using blockchain technology.
The solution has been launched in the capital of the state of Andhra Pradesh known for its Fintech Valley ecosystem.
Pointing out the importance of blockchain, Verghese said that its inherent characteristics of being faster, tamper-proof and transparent are the pulling forces which entice not only the institutional investors and government institutions, but also retail investors.
Apart from smart contracting, blockchain technology will be used in be incorporated include, digitization of land title which would include digitization through a piecemeal adoption approach.
The new technology will also be used in government lands belonging to various authorities including railways, defense and ports in phase one and later on it could be rolled out on mortgaged land and private land, the report added.
The report also said that this will also create third party ownership though it will be fractional and companies such as PropertyShare and RealX are providing a portion of ownership rights to clients on the blockchain system.
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