Built on Polygon Supernets, this partnership enables New Town Kolkata Development Authority (NKDA) to enable blockchain-based tracking and registration of land movements to improve efficiency and security
Airchains, a Web3 middleware SaaS platform, has announced a partnership with the New Town Kolkata Development Authority (NKDA) of West Bengal to transform land tenure and mutation system by leveraging blockchain. This initiative will reshape the landscape of land mutation by introducing 500,000 Non-Fungible Tokens (NFTs) to be deployed on Polygon Supernets. This will revolutionize the land reclamation process across 27,000 acres and will replace traditional bureaucracy with a transparent, efficient and secure digital system. The blockchain model also enables fractional ownership of property, creating up to 10 lakh new mutation opportunities. This innovation is about to redefine real estate transactions, increasing accessibility and significantly reducing fraud.
This land change record will drive a highly secure digital environment with unique NFTs serving as proof of land ownership for all properties under NKDA jurisdiction and enabling lifetime tracking of affected property. This solution allows for easy transfer of property rights for landowners by transferring the associated NFTs, eliminating complicated paperwork. It will enable digitization of evidence of records as separate NFTs, update of NFT records in case of transfer, recovery of records in case of loss, and prevent evasion of transaction costs. Obtaining physical copies of these NFTs includes a card format printout that is possible through any printer. The digital certificates would further contain QR codes that allow for quick and easy access after authentication.
“New Town Kolkata stands as an extraordinary project, where every land detail is managed exclusively by HIDCO acting on behalf of the state government. This distinctive arrangement gives us a remarkable advantage in the land market, backed up by ten years of carefully documented records. Our goal is to revolutionize the real estate industry by introducing transparency similar to the financial system, ensuring effortless transactions for the masses.
Our partnership with Airchains allows us to turn our exceptional advantage into a tangible force in the land market. Our goal is to streamline the process of buying and selling land and remove the inherent challenges of such transactions. To achieve 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 pioneering move toward adopting and leveraging blockchain technology in government processes demonstrates the state government’s commitment to being transparent, efficient and open to new innovations that can streamline governance while improving the lives of their citizens can improve. Traditionally, the land transfer industry is full of red tape, heavy paperwork, manual verifications, loss of documentation, possible human error and more. Moreover, there are various challenges related to fraudulent and unethical practices such as forgery, document tampering, unauthorized access, tax payment evasion, illegal transfer, etc. Therefore, using the versatile features of distributed ledger technology has been a really important milestone towards of increasing the land-mutation industry tremendously.
“We are thrilled to be part of the blockchain revolution that is steadily advancing and disrupting a plethora of traditional industries. The NFT land change model presents a real-world solution that is easily adaptable and scalable and can seamlessly streamline a highly complex process. With the features of immutability, transparency, easy access and accurate tracking, this system can revolutionize the land ownership industry and become a prime example of the potential of blockchain technology in the real world. Ankur Rakhi Sinha, Co-Founder and CEO, Airchains
“Driving grassroots adoption of web3 technology is a remarkable milestone for the Indian web3 sector. Our primary focus has always been on achieving widespread mainstream acceptance. By partnering 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 today.“ Sandeep Nailwal, Co-Founder, Polygon.
According to a report from NASSCOM, investments in Web3 in India have totaled more than $1.3 billion since 2020. With mass adoption and robust regulation, Web3 growth could add $1.1 trillion to India’s GDP by 2032. Airchains, with its simple plug-and-play model, makes this ease of adoption of Web3 for large use cases in various aspects of industries. 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 implemented over 50,000 smart contracts through its APIs and SDKs. The user base has experienced a remarkable 150% growth over the last two quarters, highlighting the increasing demand and adoption of the platform.
For more information, visit: https://www.airchains.io/
About New Town Kolkata Development Authority (NKDA):
The New Town Kolkata Development Authority was established under the New Town Kolkata Development Authority Act, 2007 (The West Bengal Act XXX of 2007) for the provision of various public services and amenities in New Town, Kolkata and came into operation since November 2008 New Established in the eastern suburbs of Kolkata, Town aims to establish a new business center to ease the increasing pressure on the existing Central Business Districts (CBD) and increase the housing stock by creating new housing units.
For more information, visit: https://www.nkdamar.org/Pages/Index.aspx
About Air Chains:
Airchains is a web3 middleware SaaS product that allows users to deploy, build and scale their blockchains. The company provides tools to build the blockchain to run their own networks and tools to build dApps and NFT over it, enabling developers, enterprises and institutions to improve network security and performance, have integrated tooling and APIs, and perform smart contract control. They are an all-in-one solution that makes deployment and management easy for users. As part of its growth trajectory, Airchains will introduce a next-gen cryptographic solution using Zero-Knowledge (zK) modular rollups for superior scalability and flexibility. The Byzantine fault-tolerant consensus ensures reliable performance. Airchains completes transactions on their L2 Cosmos SDK chain and uses zk proofs for transaction transparency.