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Maharashtra, India\u2019s second-most populous state, is\u00a0leveraging<\/a>\u00a0distributed ledgers to revamp documentation of land property in the region. The government\u2019s decision to use\u00a0blockchain technology in real estate<\/a>\u00a0was borne out of the desire to improve trust amongst industry participants and reduce incidents of fraud.<\/p>\n Shravan Hardikar, Maharashtra\u2019s inspector General of the Department of Registration and Stamps, noted in a press conference that things are already in motion for the registry to adopt\u00a0distributed ledger technology<\/a>\u00a0(DLT) with leading financial institutions already on board.<\/p>\n \u201cBlockchain pilot has already been started with banks and other mortgage companies, including the Indian Bankers Association,\u201d Hardikar said. \u201cThey are being made aware of e-registration documents as questions were being raised that online documents do not have stamps and signatures, so how can they identify these as original documents?\u201d<\/p>\n To solve this challenge, Hardikar said information on all property in the region will be stored on the public ledgers while documents will bear a serial number to improve searching for information about a particular property to protect investors and lenders.<\/p>\n \u201cFor this, in the second stage, we will have a unique number on these registered property documents, which the bankers can put in the system and match,\u201d Hardikar said. \u201cIf it doesn\u2019t match, that means the document has been tampered with.\u201d<\/p>\n Economic Times reported that the state\u2019s registry was the first to begin\u00a0e-registration<\/a>\u00a0of real estate in India, stemming from the COVID-19 restrictions in 2020. Hardikar notes that moving processes online and using DLT to authenticate transactions would gain significant traction in the country and worldwide.<\/p>\n Maharashtra State Board of Skill Development (MSBSD) leveraged DLT in issuing nearly 100,000 digital certificates on the Polygon (MATIC) blockchain to prevent the duplication and manipulation of the certificates.<\/p>\n India\u2019s Web 3<\/strong>.0 aspirations receive a major boost<\/strong><\/p>\n