• The Ahmedabad Municipal Corporation is leading blockchain technology for document management, improving the security and authenticity of important records.

• India’s National Strategy for Blockchain presents a vision for including blockchain across many spheres, including finance, healthcare, and e-governance.

• Blockchain will simplify the administration of Transferable Development Rights (TDRs), thus lowering fraud and increasing the effectiveness of land ownership and development transactions.

Blockchain, the foundation of Web 3, has resulted in unprecedented growth within the tech industry. Through its vast applicability, this technology has kickstarted the fourth industrial revolution in less than two decades.

Today, various innovators have taken up the mantle and abandoned the financial sector to seek better blockchain implementation opportunities. This eventually created a chain reaction, resulting in the rapid growth of blockchain-based services and products that caught the eye of several governments.

Despite this, blockchain is still a fairly new technology; hence, the world was split between those who rejected it and those who adopted it.

India is one of many governments that have taken the first steps to implement blockchain into everyday life. In recent news, the Ahmedabad Municipal Corporation (AMC) has announced implementing a blockchain system for document verification.

According to the announcement, the new document management systems will involve Transferable Development Rights (TDR) via the blockchain’s immutable and accountable nature.

India Introduces a Blockchain-based Document Management System

Web 3 is a futuristic industry that promises better performance, accountability, security, and management. Its prowess is shown as the financial service industry continues to evolve into fintech, and DeFi is overhauling its reach and increasing its potential for value.

Also, Read: India’s Legal Battle Against Highrich Online’s Crypto Ponzi Scheme Unfolds

As a result, the government of India has taken a keen interest in blockchain technology and its application to the public domain. Its immutable nature makes tracking and management much simpler.

In addition, its success within the finance sector offers governmental bodies the means to harness its capabilities to improve their own financial sector. Thus, in 2021, India released the National Strategy of Blockchain, showcasing its vision to adopt blockchain in various sectors like healthcare, agriculture, finance, voting, and e-governance.

This initiative eventually propelled the Ahmedabad Municipal Corporation to develop a blockchain-based document management system. According to the announcement, the AMC seeks to revolutionize the storage, security, and accessibility of key documents like birth certificates, death certificates, and fire No Objection Certificates (NOCs).

Smart contracts and blockchain will eventually phase out antiquated manual processes that have hindered the credibility and safety of hard and soft copy documentation.

The blockchain system for document verification will enhance the authenticity and security of such vital data, particularly enchanting transaction systems involving Transferable Development Rights (TDR).

In a nutshell, TDRs mainly involve the transfer of land ownership documents. It enables an individual to transfer the right to own, alter, or maintain the assets stipulated within the document. For most cases, this involves title deeds, but when applying a blockchain system for document verification, it expands its uses beyond simple transfer.

The technology’s decentralized nature reduces the chances of fraud and streamlines operations, making it easier for government bodies to issue them and users to access and verify them.

The use of blockchain-based documentation systems aligns with AMC’s needs. Indian city Ahmedabad is home to many heritage properties that rely on Transferable Development Rights for conservation and redevelopment initiatives. The new stems introduce automotive processes, secure user authentication, and integrate historical records with modern digital documentation.

With this new system, Ahmedabad pioneered using futuristic technology to improve municipal services, showcasing India’s determination to dominate the Web 3 space.

Also, Read: India’s Digital Landscape: Mumbai’s Metaverse and the Rise of Digital Rupee.

Blockchain Adoption in India

The blockchain-based document management system is one of the initiatives India has undertaken to bolster its web3 adoption rate.

For instance, in 2022, India joined the web3 community after launching the Digital Rupee, India’s first CBDC. At the time, the Reserve Bank of India had shifted its eye toward digital assets. Eventually, it launched a pilot phase of the Digital Rupee, limiting it to several banks and digital transactions.

Later, its government shifted to the next phase and introduced Agritech Pilots, based on blockchain technology. These initiatives include the NIRAMAI Blockchain Initiative, a pilot project that uses blockchain to track agricultural produce from farm to market. Similar initiatives include the IBM Food Trust and Telangana Government Collaboration, AgriDigital and Government of India Partnership, and e-Choupal 4.0 by ITC.

Furthermore, India is among the few nations that seek to establish a National Blockchain Framework. If the nation succeeds in implementing this new law, it will lay the foundation for a legal system that works hand in hand with blockchain. Despite the Reserve Bank of India’s initial hostility towards digital assets, India has taken several initiatives to improve its ecosystem.

The Ahmedabad Municipal Corporation intends to join the ranks by covering its Transferable Development Rights systems with blockchain. The new systems set a new milestone for the region and act as an example for the entire globe.

Africa currently has several nations implementing blockchain-based systems, but a majority of them are still skeptical. By taking a leaf from India, we may just find a way to implement blockchain more efficiently.