After using blockchain technology for issuing birth certificates the New Town Kolkata Development Authority(NKDA)is planning to use non-fungible tokens (NFT)or cryptographic assets on a blockchain with unique identification codes and metadata to issue property registration certificates and maintain land records in New Town.
"Once any document is embedded with NFT, the document becomes completely tamper-proof and nobody can fudge the document. Take for instance a painting by an artist. If it is digitally copied, the value of the original painting reduces. But once embedded with NFT, the painting gets digitally copyrighted. This way, the document or image becomes exclusive to its owner and nobody is able to fudge it or make a copy, "explained Kalyan Kar, an IT expert and startup enthusiast, who is also the vice-president of Sector V Stakeholders' Association.
The NKDA's aim is to make land documents tamper-proof to eradicate illegal and fake sales. "When land documents are issued from a normal database there are chances of these getting manipulated. But once the database is embedded in blockchain, it becomes tamper-proof. The landowner will have a digital token, which will act as a proof of ownership," an NKDA official said.
As per plans, the land properties will be identified by a unique NFT hash code. In case of transfer of a property, the NFT code will be tagged with the deed information for data validation.
'NFT will make land deals faster' The New Town Kolkata Development Authority is planning to use non-fungible tokens(NFT)to issue property
registration certificates and maintain land records in New Town.
Deepak Daftari, an IT expert on brand and domain consulting, said the lack of digitization in the land registry process makes it cumbersome to access information and trace ownership details. But once it is blockchain-enabled,
the land registry platform can offer a database where anyone can access, cross check and verify any land record and access information without the involvement of a third party.
"With NFT, one can create a digital, decentralized ID as a seller and buyer. This will enable a seamless ownership transfer that is quicker than the traditional method. As soon as the registrar confirms the transfer of a land title ,a smart contract triggers to update ownership for a new buyer and transaction corresponding to it gets stored on the blockchain. This way one can also check the historical records of all transactions on any land title deed, at any given time,"Daftari explained.
The NKDA has floated an expression of interest to invite agencies for design and development of the NFT-based record of title(mutation)by NKDA.