Web3 middleware SaaS startup Airchains has announced a groundbreaking partnership with the New Town Kolkata Development Authority (NKDA) in West Bengal, India, to revolutionize the land ownership and mutation system using blockchain technology. This collaboration aims to introduce a transparent and secure digital system that will streamline the land mutation process across 27,000 acres, replacing traditional bureaucracy with a more efficient and trustworthy solution.
As part of the initiative, Airchains plans to deploy 500,000 Non-Fungible Tokens (NFTs) on Polygon Supernets, a scaling solution built on the Polygon network. These NFTs will serve as unique digital proofs of land ownership for all properties under the jurisdiction of NKDA. By utilizing blockchain technology, the partnership aims to enhance transparency, increase efficiency, and improve security in land ownership records.
One of the major challenges addressed by this innovative solution is the lack of proof and calculation verification in the land mutation process. Previously, individuals interested in purchasing land in Kolkata’s New Town had to navigate a complex and opaque system. However, with the implementation of blockchain and NFTs, the NKDA app will consolidate all mutation-related activities, providing a centralized and easily accessible platform for landowners and potential buyers.
The introduction of NFTs for specific mutations will enable a secure digital environment, ensuring lifetime tracking of ownership and serving as irrefutable proof of land ownership. The blockchain-based system also enables fractional property ownership, an innovative approach that opens up to 1 million new mutation opportunities.
Airchains’ solution simplifies the transfer of ownership rights by facilitating the transfer of corresponding NFTs, eliminating the need for complex paperwork. This digitization of land records as distinct NFTs allows for easy updating in cases of transfer, recovery in cases of loss, and prevents evasion of mutation charges. Physical copies of the NFTs can be obtained in card format through any printer, and the digital certificates include QR codes for quick and secure access after authentication.
While regulatory concerns surrounding Web3 technology persist, Airchains claims to have developed methods to address them. The company ensures that it does not directly engage in crypto transactions, offering gasless or alternative methods to simplify the payment process. This approach caters to the institutional demand in India for maintaining privacy and avoiding exposure to cryptocurrencies.
Airchains, founded in 2022 by Ankur Rakhi Sinha and Kritarth Agrawal, has emerged as a leading provider of blockchain deployment, building, and scaling tools. The startup has secured a $1 million pre-seed funding round led by GravityX and has already established partnerships with various Indian governance bodies to implement blockchain solutions in different sectors.
The collaboration between Airchains, NKDA, and the New Town Kolkata Development Authority represents a significant milestone for the Web3 sector in India. By leveraging blockchain technology, this partnership aims to address the prevalent issue of fraudulent land document mutation, paving the way for a more transparent and secure future in land ownership transactions.
Sandeep Nainwal, co-founder of Polygon Network, expressed his belief that real-world Web3 use cases are instrumental in driving mainstream adoption of cryptocurrencies, especially in emerging markets like India. He highlighted a significant development in West Bengal, where the City Development Authority has partnered with Airchains to digitally implement the land ownership and mutation system on Polygon Supernets.
Land document mutation fraud is a widespread issue in India, leading to scams affecting numerous landowners. Sandeep Nainwal emphasized that blockchain technology provides a transparent and secure digital system to combat this problem effectively. Additionally, the blockchain-based system enables fractional property ownership, a unique feature that sets it apart globally.
He also expressed enthusiasm about the government’s selection of Polygon as the blockchain platform for this use case, considering it another notable instance where an Indian government entity has chosen Polygon for their blockchain implementation.
I feel that real world Web3 use cases will help in taking crypto mainstream. This is specially true in the emerging markets like India
Today West Bengal’s (An Indian state with a GDP $220Bn and a population of 100mn) City Development Authority has partnered with @airchains_io to…
— Sandeep Nailwal | sandeep. polygon
(@sandeepnailwal) July 4, 2023
These insights from Sandeep Nainwal highlight the potential impact of this partnership and the adoption of Web3 technology in India, especially in combating fraudulent practices and advancing transparency in land ownership transactions.