Swedish startup ChromaWay and the government of the Indian state of Andhra Pradesh have agreed to collaborate on the issue of property fraud which has been rampant not only in the state but in the entire country for decades. With modern technologies like blockchain and smart contracts on the rise a solution to these problems may be in sight.
Chromaway has previously piloted a blockchain based project in Sweden focused on the purchasing and sale of real estate and this time it wants to combine the features of a traditional land registry database with that of blockchain technology. The test platform is part of the Fintech Valley Vizag initiative launched by the government of the southeast Indian state. According to the startup the project uses a distributed ledger on the back-end and a user-friendly web-app on the front end which provides “radically transparent access to data”.
This project, one of the first of its kind promises to be extremely helpful for both buyers and sellers in addition to the government although it remains to be seen whether the technology will be implemented by other state or national governments.