Over the past decade India has made tremendous strides to achieve the Millennium Development Goal they’ve established the diversity even claim the title of one of the fastest growing economy in the world.
However there are four major constraint standing in the way of further growth access to credit supply of electric power access to potable water and secure land rights. That’s right !
Securing land rights is comparable to potable water and so far as overall development is concerned.
let’s explore how that’s possible if you’re a farmer in India insecure land tenure means that you’re less likely to invest in your land which affects your prospects in the long run.
For example where you would otherwise adopt new technology to make your work process more efficient you will simply make do with more unproductive methods. Knowing full well that you aren’t acting in your best interests in secure land tenure also directly hinders land distribution of every kind for example as a household with lots of resources you may want to expand your business into neighboring area however if the second household doesn’t have secure landholding no transaction can take place.
Additionally, even though the rental market is really important to the global economy without clear tenure you may want to think twice about who you went to or from . Finally land security effects growth by deterring foreign investment and business operations a smart investor looking to expand their business may recognize the vast opportunities in India but without securing land tenure large-scale capital investment we become too risky adventure for Indians. This means that jobs don’t get created infrastructure doesn’t get built a new technologies don’t get introduced and so on.
I believe that the best defense against these abuses and inefficiencies is when people on the ground clearance secure rights to their land. Decentralized digital land registry that uses the blockchain for authentication
will allow users to surveil and manage deeds and titles perform transactions and record information in a way that is immutable transparent and immediately available for public record.
Best of all a bit lines government compliant and ready for integration with mass adoption land tenure will no longer be a prime inhibitor tekken ama growth and local and international investors will be able to start reaping the
benefits of the rich opportunities that God has to offer.
Bitland is one such startup which is working in this space and registering Lands on Blockchain in Ghana.
Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.
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