XinFin Presents Blockchain Proof of Concept For Land Registry To Maharashtra Government
XinFin completed and presented land records on Blockchain PoC to Govt. of Maharashtra (3rd largest state of India) and Dept. of Revenue. The PoC involved an end-to-end test using XinFin’s hybrid blockchain to track and manage the transaction life cycle of land registry and apartment registry from verification to transfer of ownership of a property, using blockchain based escrow based smart contracts. XinFin’s PoC with Maharashtra Govt. is one-of-its-kind first prototype for apartment registry run globally on blockchain.
As a part of the initiative by Maharashtra Govt. to improve process efficiency and fraud prevention in land registry, XinFin was invited to do a Blockchain PoC for land registry. XinFin completed and presented PoC using XDC protocol that combines the power of public and private blockchains. XinFin’s XDC Protocol runs smart contracts and provides cross chain interoperability with existing legacy systems like financial institutions and other blockchain based platforms too.
This Blockchain PoC aligns with PM Modi’s vision to turn India into a leading Fintech nation reaping the benefits of Industry 4.0 revolution embracing Artificial Intelligence, Blockchain, IoT, Machine Learning and Big Data. According to Modi, digitization is introducing transparency and eliminating corruption and blockchain is one such technology that has boundless possibilities to transform lives of people.
XinFin seeks contributions from developers and technical professionals around the world to standardize digitized land registry at https://github.com/XinFinOrg/land-registry-mhgov XinFin is also building an open source standard for land registry at https://land-registry.xinfin.org/ It’s a platform which governments and institutions can use to digitize land registry. Institutions or governments looking to standardize global land registry standard, please join global Consortium at https://www.tradefinex.org/publicv/consortium
*This is just a community update. Official Press Release is scheduled to come out soon.
*As per the notification from Reserve Bank of India (RBI), any cryptocurrency related activities are banned in India. XinFin’s installation with Maharashtra Government is entirely blockchain based private network and not related to any cryptocurrency. The solution is purely using blockchain as a software following strict laws of the land and regulatory guidelines.
XinFin is an open source hybrid blockchain platform. XinFin offers a scalable, secure enterprise-grade blockchain that is well suited for highly-regulated industries and commercially sensitive data.