India Goes Blockchain: 700K Land Records Tokenized on Avalanche

Key Insights:

• Dantewada district of India has come to the forefront of adopting blockchain technology.
• The effort helps common citizens of the district access temper-proof land records at negligible cost, which earlier was an expensive affair.
• Over 700k land records since 1950 were tokenized on the Avalanche blockchain with the help of LegitDocs, a key player in asset tokenization.
• RWA is expected to be the next big sector in crypto markets after memecoins last year.

Indian Government Body Adopts RWA With Avalanche

Dantewada district in the Indian state of Chhattisgarh has finished the tokenization of over 700,000 land assets via Avalanche. This exercise digitized and tokenized all land records from 1950 to the present date. The aim was to prevent tampering and forgery of land records with blockchain technology.

District Collector (administrator) IAS Mayank Chaturvedi said that due to traditional ways of verifying land records, it often took several weeks for the officials and citizens to get the job done. With blockchain technology, the verification process could happen within minutes.

Avalanche is a multi-purpose blockchain that can be used to deploy smart contracts, for Real World Asset tokenization, issuing new cryptocurrencies, and much more.

Jayant Nahata, IAS, former Sub-Divisional Magistrate of Dantewada and current CEO of Zilla Parishad (county-local government) spearheaded the campaign. Speaking on the success of the effort, he said that the people of Dantewada will benefit from ease of access and reduced legal costs in land-related litigations. He further added that the initiative was groundbreaking and has led to end-to-end digitization and blockchain-verifiability of all land records since 1950.

Solution Developed by LegitDoc

Successful land record digitization was possible with LegitDoc which created a permissioned application on Avalanche so that end user details remain anonymous for others. Only a few Tehsil-level (sub-region of a District in India) officers are allowed access to the land records.

In Dantewada, each sub-disctrict (Tehsil) is equipped with a Kiosk to handle user queries where an officer of district administration helps inquirers verify the land records.

Additionally, District-level officers like the CEO of Zilla Panchayat, District Collector, and other officials can see the smart contracts that store all the land records via Avalanche Explorer.

LegitDoc has previously supported various local and state governments in various parts of India to provide digitized blockchain-based residence certificates, diploma certificates, and skill certificates.

In Partnership with Avalanche

Devika Mittal, Avalanche India growth consultant said that Avalanche was delighted to support the digitization of land records. She added that blockchain technology was indeed the way forward for land digitization and Chattisgarth (state where Dantewada lies) is at the forefront of it.

Similar Successful Projects Across the World

Ripple's Land Tokenization in Colombia

Ripple started tokenization of land records in Colombia from as early as 2022. A joint partnership between Ripple Labs and Colombian administration leveraged the XRPL blockchain to tokenized individual land records in the country.

However, the program was halted in mid-2022 due to a change in the government of the country.

Future of RWA Markets in India

Real World Assets are expected to become the most prevalent application of blockchain technology in the near future. Seveal large companies and institutions, including BlackRock, UBS Bank, Monetary Authority of Singapore, Ripple Labs, Algorand Foundation and others have been working in this space building blockchain-backed Real World Assets in sectors like education, real-estate, money markets, stock markets, and several others.

Top blockchains that can readily support RWA applications are Ethereum, Cardano, Solana, XRPL, Avalanche, Cosmos, Mantra, and Algorand.

Last year, RWA was the second fastest growing sector in the crypto markets after memecoins. After the memcoin supercycle ended, it has become the fastest growing sector this year.

By the year 2030, RWA is expected to hit $10 trillion market size. At present, the RWA sector commands a small market size of $15 billion. This presents nice accumulation opportunity for long-term investors.

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