Vice-president of Sector V Stakeholders’ Association, Kalyan Kar who is also an IT expert and startup enthusiast said “This way, the document or image becomes exclusive to its owner and nobody is able to fudge it or make a copy,”
KOLKATA: The NKDA (New Town Kolkata Development Authority) is planning to use non-fungible tokens or cryptographic assets on blockchain together with unique codes for identification and metadata to issue property registration certificates. This will also help to maintain land records in New Town.
Kalyan Kar explained in detail “Once any document is embedded with NFT, the document becomes completely tamper-proof and nobody can fudge the document. Take for instance a painting by an artist. If it is digitally copied, the value of the original painting reduces. But once embedded with (non-fungible tokens) NFT, the painting gets digitally copyrighted. This way, the document or image becomes exclusive to its owner and nobody is able to fudge it or make a copy.”
NKDA’s main aim is to eradicate illegal and fake sales. An NKDA official commented “When land documents are issued from a normal database there are chances of these getting manipulated. But once the database is embedded in the blockchain, it becomes tamper-proof. The landowner will have a digital token, which will act as a proof of ownership.”
According to the plans, the properties will be identified by a unique NFT hash code and if there is any transfer of property, the code will be tagged with the deed information for data validation.
Deepak Daftari, an IT expert on brand and domain consulting also shared “With NFT, one can create a digital, decentralized ID as a seller and buyer. This will enable a seamless ownership transfer that is quicker than the traditional method. As soon as the registrar confirms the transfer of a land title, a smart contract triggers to update the ownership for a new buyer and the transaction corresponding to it gets stored on the blockchain. This way one can also check the historical records of all transactions on any land title deed, at any given time.”