Airchains collaborates with West Bengal’s NKDA to introduce blockchain-based land ownership

financialexpress.com:

Airchains, a Web3.0 middleware SaaS platform, has announced partnership with West Bengal’s New Town Kolkata Development Authority (NKDA) to transform land ownership and mutation systems through blockchain. This initiative aims to reshape land mutation by introducing 500,000 non-fungible tokens (NFTs) deployed on Polygon Supernets. Reportedly, the blockchain model will facilitate property ownership. 

According to an official release, this land mutation record will stimulate a digital environment with NFTs, serving as land ownership proofs for properties under NKDA as well as enabling tracking of ownership. This solution is expected to allow transfer of ownership rights for landowners by transferring the NFTs, and can also enable digitisation of proof of records as NFTs, updation of NFT records in cases of transfer, recovery of records in case of loss, and to prevent evasion of mutation charges. The digital certificates are believed will contain QR codes that will allow access after authentication. 

“Through our partnership with Airchains, we aim to transform into a force in the land market. Our objective is to streamline the process of buying and selling land. To accomplish this, we have identified NFTs as the solution, as they can enable physical tokenisation of properties,” Debashish Sen, IAS (NKDA Chairman), said.

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