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India is a frontrunner among emerging economies in embracing the blockchain, according to Kavita Gupta, founding managing partner of ConsenSys Ventures, the venture capital arm of ConsenSys, a blockchain software firm. Gupta said her firm is working on implementing blockchain in a land titling project with NITI Aayog, the Indian government’s policy think tank (NITI stands for National Institution for Transforming India), and has signed a Memorandum of Understanding with the Andhra Pradesh state government for an array of uses, including in land titling, supply chains, health records and blockchain education.

A ConsenSys blockchain project in managing land ownership records in Chandigarh city (the capital of Punjab and Haryana states) is delivering benefits on two major fronts. First, it allows for the tracking of all state level financial services on one platform and prevents corruption once records are entered. “You cannot bribe somebody to change the records, so that is tamper-proof,” said Gupta. “Second, earlier, people could change land records by bribing somebody, and the government has no jurisdiction to do background checks. It was the buyer’s responsibility to do those checks, but there was no method or system to do that. The project we are implementing allows you to track land ownership history over time, and do verified land titling registration with background checks on who paid [the property] taxes.”

In supply chains, Mumbai and Visakhapatnam ports are using the blockchain to create tamper-proof methods that track incoming shipments and shippers, Gupta said. Those systems are also able to ensure that shipping-related payments reach the right parties. The identities of those parties are verified through the government’s Know-Your-Customer program that was launched a few years ago to combat fictitious accounts and money laundering. Gupta said the Mumbai Port Trust has projected savings of $18.2 billion over two years from using blockchain technology in supply chains.