Property registration in Karnataka will turn into a new face with the state government introducing blockchain technology for online property documentation.
A blockchain is a decentralized digital ledger consisting of records called blocks that is used to record transactions across many computers so that any involved block cannot be altered retroactively, without the alteration of all subsequent blocks.
The new system developed in collaboration with IIT-Kanpur in a way makes it difficult or impossible to change, hack, or cheat the system. The system has advantages like decentralized network, transparency, trusty chain, unalterable and indestructible technology.
Each property holder will be provided a property card similar to an ATM card, which can be accessed through a PIN. The details of the property transaction can be accessed and modified only with the authentication of PIN or digital key.
The new system that is expected to strengthen the Kaveri portal, run by revenue department, will also help in lessening human prudence.