- Blockchain firm, Airchains, is joining forces with West Bengal’s New Town Kolkata Development Authority (NKDA) to revamp land ownership recording and tracking via blockchain technology.
- The partnership aims to digitize the land mutation process across 27,000 acres, fostering transparency and security through Non-Fungible Tokens (NFTs).
Airchains, a cutting-edge Web3 middleware SaaS startup, has forged an alliance with the New Town Kolkata Development Authority (NKDA) in a groundbreaking venture to digitize and streamline the process of recording and tracking land ownership and mutations using blockchain.
🚨Airchains X WestBengal NFT based Land Mutation on Polygon 🚨
The West Bengal New Town Kolkata Development Authority (@nkda_mar) collaborated with @airchains_io to introduce first-ever NFT-based land mutation system, digitalizing land ownership on Polygon Supernets.… https://t.co/yzCzdaHohC
— Airchains (@airchains_io) July 4, 2023
Airchains’ Strategic Move: NFTs in Land Ownership
Airchains plans to deploy 500,000 Non-Fungible Tokens (NFTs) on Polygon Supernets. This innovative approach is set to revolutionize the conventional bureaucratic system handling the land mutation process over a vast 27,000 acres. By enabling fractional property ownership, the new model could offer up to one million fresh mutation opportunities. The implementation of blockchain technology in such governmental applications is a significant stride towards reducing fraud, enhancing efficiency, and boosting the security of land ownership records.
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In practical terms, this means a potential land buyer in New Town, Kolkata, would no longer have to go through a convoluted process of paying mutation fees with little to no documentation. The whole process will be consolidated and managed digitally within the NKDA app. Unique NFTs will serve as tangible evidence of land ownership, marking a significant leap in the protection and tracking of ownership records.
However, a primary challenge lies in the regulatory concerns surrounding Web3. Airchains, however, believes it has a viable solution. By maintaining a private chain or adopting a gasless transaction method, Airchains ensures the users’ engagement is straightforward, with the focus on transaction completion rather than handling crypto transactions, as explained by Ankur Rakhi Sinha, the founder of Airchains.
Future Prospects: Airchains and Beyond
Founded by Sinha and Kritarth Agrawal, Airchains is a trailblazer in providing users with a platform to deploy, build, and scale their blockchains. In addition, the startup offers tools for the construction of decentralized applications (dApps) and NFTs. Looking ahead, Airchains plans to launch a next-gen cryptographic solution that leverages zero-knowledge modular rollups, promising enhanced scalability and flexibility.
Besides the NKDA partnership, Airchains has secured alliances with various governance bodies across India, marking significant strides in the adoption of Web3 technology. This collaboration with NKDA serves as a testament to the vast potential of blockchain technology in transforming archaic systems.
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