Airchains, a Web3 middleware SaaS platform announced partnership with West Bengal’s New Town Kolkata Development Authority (NKDA) to transform the land ownership and mutation system by employing blockchain. This initiative will reshape the landscape of land mutation by introducing 500,000 Non-Fungible Tokens (NFTs) deployed on Polygon Supernets. Revolutionizing the land mutation process across 27,000 acres, this will replace traditional bureaucracy with a transparent, efficient, and secure digital system. The blockchain model also facilitates fractional property ownership, opening up to 10 lakh new mutation opportunities. This innovation is poised to redefine real estate transactions, increasing accessibility while significantly reducing fraud.
This land mutation record will stimulate a highly secure digital environment with unique NFTs serving as land ownership proofs for all properties under the jurisdiction of NKDA as well as enabling lifetime tracking of concerned ownership. This solution will allow easy transfer of ownership rights for landowners by transferring the corresponding NFTs, thereby eliminating complex paperwork. It will enable digitization of proof of records as distinct NFTs, updation of NFT records in cases of transfer, recovery of records in case of loss, and will prevent evasion of mutation charges. Acquiring physical copies of these NFTs include a printout in a card format possible via any printer. The digital certificates would further contain QR codes that will allow quick and easy access after authentication.
“New Town Kolkata stands as an extraordinary project, where every land detail is exclusively managed by HIDCO, acting on behalf of the state government. This distinctive arrangement provides us with a remarkable advantage in the land market, supported by a decade’s worth of meticulously documented records. Our aim is to revolutionize the real estate sector by introducing transparency akin to the financial system, ensuring effortless transactions for the masses.
Through our partnership with Airchains, we can transform our exceptional advantage into a tangible force in the land market. Our objective is to streamline the process of buying and selling land, eliminating the inherent challenges associated with such transactions. To accomplish this, we have identified NFTs as the perfect solution, as they enable the physical tokenization of properties, simplifying the entire procedure.” Debashish Sen, IAS (NKDA Chairman)
This landmark movement towards adopting and leveraging blockchain technology in government processes demonstrates the State Government authority’s commitment to being transparent, efficient, and open to new innovations that can streamline governance while improving the life of their citizens. Traditionally, the land mutation sector is full of bureautic red tape, heavy paperwork, manual verifications, loss of documentation, potential human errors, and more. Furthermore, there are several challenges pertaining to fraudulent and unethical practices involving forgery, tampering of records, unauthorized access, evasion of tax payments, illegal transfer, etc. Therefore, utilizing the multifaceted features of distributed ledger technology has been a truly significant milestone towards augmenting the land mutation industry immensely.
“We are glad to be a part of the blockchain revolution that is steadily penetrating and disrupting a plethora of traditional sectors. The land mutation NFT model presents a real-world solution that is easily adaptable, scalable, and can seamlessly streamline an extensively complex process. With the features of immutability, transparency, easy access, and accurate tracking, this system could revolutionize the land ownership industry and can become a prime example of blockchain technology’s potential in the real world.” Ankur Rakhi Sinha, Co-founder and CEO, Airchains
“Empowering grassroots adoption of web3 technology marks a remarkable milestone for the Indian web3 sector. Our primary focus has always been on achieving widespread mainstream adoption. By collaborating with Airchains and the New Kolkata Development Authority (NKDA), we seize the opportunity to demonstrate the profound potential of blockchain technology in revolutionizing archaic systems of today.“ Sandeep Nailwal, Co-founder, Polygon.
According to a report by NASSCOM, Web3 investments in India have totalled over $1.3 Bn since 2020. With mass adoption and robust regulations, Web3 business growth can add $1.1 Tn to India’s GDP by 2032. Airchains, with its easy plug and play model is enabling this ease of adoption of Web3 for large use cases across different aspects of sectors. With over 50,000 active users worldwide, the platform has processed 1.1 million transactions and received 2.1 million API requests to date. It has deployed 50,000+ smart contracts through its APIs and SDKs. The user base has experienced a remarkable growth rate of 150% over the last two quarters, highlighting the increasing demand and acceptance of the platform.