“Blockchain pilot has already been started with banks and other mortgage companies, including the Indian Bankers Association. They are being made aware about e-registration documents as questions were being raised that online documents do not have stamps and signatures, so how can they identify these as original documents. For this, in the second stage, we will have an unique number on these registered property documents, which the bankers can put in the system and match. If it doesn’t match, that means the document has been tampered with,” he said.
The main objective behind introduction of blockchain technology is to prevent duplication and tampering of registration that has taken place on an online platform. It will protect the interests of home buyers and lenders, said Hardikar.
Interestingly, Maharashtra is the first state to enable e-registrations of first-sale property. The e-registration facility was introduced during the Covid-19 pandemic, when maintaining social distance...
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