• The Thane Municipal Corporation (TMC) is working on a pilot blockchain-based solution for tax assessment in partnership with Hyderabad-based Veridoc Global India to create an advanced digital system to engage with the citizens.
  • Coordination of blockchain innovation in property tax documents is anticipated to assist in speedier endorsements and give a single point for information accessibility.
  • The one-scan solution is additionally expected to speed up the method and make it less complex, enabling various stakeholders to confirm the original report with recent updates.
  • This will be of great advantage to bank administrators, property buyers, tenants and others.
  • The blockchain activity is being attempted through the lead programs of the Ministry of Housing and Urban Affairs, Accelerating Growth of New India’s Innovation’ (AGNIi), Startup India and InvestIndia.
  • Blockchain innovation is useful in cases where reports ought to be verified at different times within the public domain, as said by Sameer Unhale, CEO of Thane Smartcity and Extra Civil Commissioner, TMC.
  • Whereas Rea Achalkar, CEO of VeriDoc Global India said that the solution will verify any document on the blockchain through a QR code
  • Once the data has been upgraded, an authorized external agency will check the QR code and the system will drag out the original certificate for instant confirmation.
  • This process used to take a couple of days, requiring a visit to the office or hold up for the report to be verified recently before one may continue further with a transaction.
  • The blockchain technology gives for an anti-fraud document verification system that guarantees a user can get to a bona fide and exact report made and stored in an encrypted format on the blockchain network.
  • Sameer Unhale, CEO of Thane Smartcity and Additional Municipal Commissioner, TMC said that once the property tax blockchain solution is executed, the enterprise will see to move other key reports like birth certificates and building authorizations to this system.
  • He also said that the city is getting to be an awfully complex system and we are attempting to earn the benefits from new technology to progress the life of citizens.

Credits: Economic Times