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Greenlakes, a prop-tech startup based in Bengaluru, has recently introduced a blockchain-powered solution for its latest project – Greenlakes Farmlands. This initiative makes the company the first in India to utilize blockchain technology to own second homes or farmland outside urban areas.
By implementing blockchain, Greenlakes aims to enhance transparency and security in the ownership and transfer of property, ensuring that the land records are immutable and tamper-proof.
The primary project of Greenlakes is situated on the Doddaballapur-Hosahalli Road in Bengaluru and covers an area of around one hundred acres of farmland. This property is surrounded by mountains, valleys, and an inland natural stream, providing a picturesque and serene environment away from the bustling city.
The project’s location makes it ideal for those seeking a second home or farmland for a peaceful and sustainable lifestyle. Moreover, with the implementation of blockchain technology, Greenlakes aims to provide a secure and transparent ownership experience, making it a reliable option for property investment.
A blockchain is a decentralized and tamper-proof digital ledger allowing users to access transparent, reliable, and verified information about their land. This technology is particularly useful during land registration, ensuring that all land records are immutable and transparent.
With blockchain, each transaction is validated and verified by a network of nodes, making altering or manipulating the data virtually impossible. This innovation gives users high trust and confidence in the land registration process, as they can rely on the accuracy and security of the information stored on the blockchain.
According to Almas Johari, the CEO of Greenlakes, the company aims to offer its customers an improved buying experience with increased transparency and security throughout the entire process, from land registration to construction to farming.
By leveraging blockchain technology, Greenlakes aims to achieve this objective by maintaining an immutable record of every transaction, guaranteeing its customers’ transparency and security.
This innovative approach gives customers complete trust in the buying process, knowing that the land ownership records are tamper-proof and transparent. The adoption of blockchain technology by Greenlakes is a significant step towards providing a more secure, trustworthy, and efficient real estate industry in India.
Significance of the Blockchain Technology
Greenlakes claims that implementing blockchain technology will introduce transparency in land ownership history, spanning several decades with a clear title and free from encumbrances, providing secure property ownership.
Furthermore, the technology will help track farm assets remotely, ensure accountability, and enable the traceability of agricultural produce harvested on the farm. With blockchain, Greenlakes can maintain a reliable and tamper-proof record of all the transactions that take place throughout the lifecycle of the land, providing customers with an unalterable and transparent view of the property’s history.
This situation offers a significant advantage to those who invest in Greenlakes’ projects, enabling them to have complete trust in the company’s land ownership records, leading to a more secure and efficient property-buying experience.
Greenlakes has developed a remote land monitoring application with ISRO SAT2FARM satellite feeds and blockchain technology. This app can track the construction and farming activities on the customers’ farmland and provide up-to-date information on their agricultural practices.
Almas Johari, CEO of Greenlakes, stated that this development reflects their commitment to delivering greater convenience, transparency, and security to their customers. Blockchain technology has become increasingly valuable in many industries, such as supply chain management, healthcare, banking, and agriculture.
Recently, it has also gained momentum in the real estate sector. For example, in Karnataka, blockchain technology is being utilized for land registrations, becoming one of the first in India to embrace this innovation.
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