India’s state – Andhra Pradesh tests Land Registry on Blockchain,
- The government of India’s Andhra Pradesh state has partnered with Swedish start-up ChromaWay to build its blockchain-based solution
- It is estimated that $700 million is being paid in bribes at land registrars across India
- ChromaWay has already piloted a blockchain project in Sweden focused on the process of buying and selling real-estate
India’s Stock Exchange – NSE tests KYC on Blockchain ,
- India’s biggest stock exchange and a group of domestic banks collaborated on a KYC trial on blockchain.
- The test involved the (NSE), ICICI Bank, IDFC Bank, Kotak Mahindra Bank, IndusInd Bank and RBL Bank, as well as HDFC Securities, a Mumbai-based brokerage. Blockchain startup Elemential provided the technology for the trial.
- The test, the first stage of which was completed in January, is the latest and perhaps most significant for India’s finance space to date.
1. Testing Land Registry on Blockchain
Andhra Pradesh, an Indian State has decided to use blockchain technology to build a secure system of land registration.
According to a report in CNBC, the state government has teamed up with Swedish start-up ChromaWay to create a blockchain-powered system to make the land registration process more transparent.
ChromaWay will connect blockchain technology to a traditional database to build a web application for the land sale and purchase process.
The blockchain-based solution will help the state fight frauds in the land ownership system, J.A. Chowdary, special chief secretary and IT advisor to the chief minister of Andhra Pradesh, told CNBC.
“The current system is rife with corruption,” Chowdary said, noting that an estimated $700 million “is being paid in bribes at land registrars across India.”
“Fraud is rampant and disputes over titles often end up in court. Matters related to land and property make up about two-thirds of all civil cases in the country,” Chowdary added.
According to the report, ChromaWay will work with the Indian state to create a secure and better system of buying and selling real-estate by combining a traditional land registry database with blockchain technology. The company will use its Postchain” platform, which uses blockchain technology and mature database systems.
A “transparent, resilient and secure” can be created by “combining blockchain with [a] database,” CNBC quoted ChromaWay CEO Henrik Hjelte as saying.
2. Testing Blockchain KYC
2016 saw a number of institutions within the country testing blockchain. And in recent weeks, other financial firms in India have begun exploring use cases and developing applications of their own. The NSE has been testing the tech since as early as September, according to past reports.
The test centered around a shared environment in which the stock exchange would onboard customer data, allowing the banks – and any regulators that have a window into the platform – to access this information in real-time.
Inside the test
NSE isn’t alone among stock exchanges worldwide in its blockchain experimentation. From Hong Kong to Abu Dhabi, bourses have been experimenting with various uses cases, particularly on the e-voting front. A recent patent application from Nasdaq suggests the exchange operator is exploring how to backup data using the tech.
In a way, the trial in India offers a window into how those institutions are looking to put the tech to work.
According to sources close to the test, those involved spent some time testing the system for resiliency. Simply put, the stakeholders attacked their own blockchain.
Perhaps notably, the steps taken by the companies represents the first iteration of what will be future testing of the KYC solution.
The next step will involve the use of real customer data – a key milestone before any kind of real-world use.
Similarly in Canada : Digital Identity Over Blockchain
National Bank of Canada joins SecureKey’s digital identity network – Over IBM Blockchain service on top of open source Hyperledger Fabric from the Linux Foundation. With $240 billion in assets, National Bank joins a handful of Canadian FIs that have partnered with SecureKey, such as BMO, CIBC, RBC, and Scotiabank. When the network is fully operational, consumers in Canada will be able to opt-in to the service with their mobile device and use their trusted digital identity credentials that users have established with their preferred partner institution.
The Digital ID and Authentication Council of Canada (DIACC) and the Command Control and Interoperability Center for Advanced Data Analytics (CCICADA), a research centre funded by the US Department of Homeland Security Science & Technology Directorate, have also provided funding.
“entirely different approach to identity verification” and “we have a head start on putting it on the blockchain”.
The network is currently in the testing phase in Canada, and once it goes live later in 2017 Canadian consumers will be able to opt-in to the new service using a mobile app.
Expecting to see a lot coming over in this SIBOS