Who actually owns the plot of land?
Foreign Affairs once published an article stating that one of India’s biggest problems is landlessness, where it was cited as the cause for widespread poverty while being a perpetrator of its social challenges
Lack of land ownership is a major limitation to Indian economic growth and hinders the country’s ability to develop and compete in the international sphere.
India ranks among the worst in the world when it comes to enforcing contracts and ranks even worse when dealing with government permits. The paperwork and bureaucracy is endless.
What are the actual boundaries of the plot of land?
Thirty years ago, Bengaluru had over 600 lakes. Only 68 are to be seen in some form today. Real estate builders with money and political clout have encroached the lakebeds and canals. They have built houses and roads on top of the lakes.
City officials have started to demolished thousands of houses, citing encroachment of lakes and connecting canals, while doing so they relied on a 1905 British map of the city. You can imagine the outrage citizens were in because the city failed to keep proper records and let this happen in the first place.
Problem is caused by rampant corruption
The city does not have new maps. Land records are in a mess and cannot be trusted. Successive governments have encouraged the corrupt municipal officials. If the government wants to solve the problem, land records can simply be linked with Google maps and stored on the blockchain. Until then they can use the 1905 British map, with the consequences outlined above.
Bitland is a viable solution
Bitland is an organization that aims to provide services to allow individuals and organizations to survey land and record deeds onto the Bitshares Blockchain. By using Blockchain-based registries to keep records of land titles in rural areas, Bitland could go a long way in helping alleviate India’s property issues.
Buy Bitland tokens early
Bitland Initial Coin Offering (ICO) is live and the company’s token is called the Cadastral, It is available for purchase through the Bitland Global website or on Denmark’s startups service provider OpenLedger ApS formerly known as CCEDK.com and its Crowdfunding 3.0 of ICO OpenLedger (ICOO)
The Cadastral is a coin that not only helps fund Bitland projects but more importantly, it is a token designed to store all land title transactions on its blockchain.
CCEDK ApS has been officially renamed to OpenLedger ApS.