The new initiative, which is being taken up in a public-private partnership model, will strengthen the position of Hyderabad as a hub for deep technology, he said.
Inaugurating the maiden International Blockchain Congress at HICC here on Friday, the Minister said the State has decided to use blockchain technology to augment the credibility, accuracy, and efficiency and to arrest fraudulent transactions in land dealings.
The Government is implementing DHARANI, an integrated land record management system to develop a modern, comprehensive, transparent and near-real-time land records. This will be on the lines of a core banking solution. “DHARANI which will lead us to an era of conclusive titling, which by the way shall be a first for the nation as revenue records are meant to be presumptive in India,” he said.
The Government, before implementing the solution, undertook a gigantic exercise of cleansing or purifying the land records in 10,875 revenue villages in 568 mandals. During the extensive drive, more than 90 percent of land details were recorded and computerised. “Buoyed by this success, we are also planning to carry out this exercise in urban areas too,” the minister said.
The underlying technology of blockchain makes it a potential candidate for many non-financial purposes. Healthcare, retail, real estate, insurance, transportation, health records, voting in elections, peer-to-peer energy transactions, tax and welfare payments are some of the uses, he said.
“Telangana is initiating pilot projects to secure 10th grade and plus two certificates issued to students. The certificates’ transaction data will be stored on blockchain and the external user agencies such as other universities, banks, government agencies or any private organisations offering employment can verify the data submitted by the students against the data stored in the blockchain,” he said.
It will use the technology platform to create a robust ecosystem that tracks the entire lifecycle of the vehicle from manufacturer-dealer-buyers-sellers -insurance and vehicle service companies to scrap. In addition, the State also launched a pilot to track the transactions of chit funds (a saving financial instrument) that will protect the interest of subscribers.
“We are preparing to seize the new opportunities and we are in the process of building our in-house expertise in emerging technologies, fostering partnerships with industry and collaborating with start-ups to drive of emerging tech-based solutions within the government departments and public-facing projects,” Rao said.
“The world is moving into the Fourth industrial Revolution and India has missed the earlier three industrial revolutions. This time, we are not going to miss this ‘Digital Revolution’, in which we have proved our expertise to the world,” he added.