Listen to this story
Kanpur Development Authority (KDA) and Indian Institute of Technology (IIT-Kanpur) are set to ink a memorandum of understanding (MoU) today. The MoU is expected to explore measures to mitigate fraudulent activities in KDA properties by leveraging blockchain technology. The agreement is based on KDA onboarding a “knowledge partner”, which is supposedly the first development authority in the state to use blockchain technology on an operational level.
The decision was taken following a discussion that was held between KDA vice-chairman, Arvind Singh and IIT-K professor, Dr Manindra Agrawal on the adaptation of the world’s leading technology. Sources claim that several efforts were made by the administration to adopt blockchain technology in KDA. The goal is to ultimately provide facilities to the general public and protect the properties from fraud.
Addressing the agreement, a KDA official said, “A meeting between [Arvind] Singh and IIT Professor Dr Manindra Agrawal was held on Saturday and decisions regarding use of the technology by KDA were taken during the meeting.”
Sign up for your weekly dose of what's up in emerging technology.
KDA’s Public Relations Officer S B Rai also emphasised that, “Blockchain technology is intended to be used for the convenience of the general public and to protect KDA properties from fraud and for easy/transparent use of each property.”
The use of this technology is expected to prevent tampering in the documents of the properties of the authority. It is also believed that, with the use of blockchain in operations, incidents related to fraud would eventually be negligible.
Arvind Singh, vice-chairman, KDA also mentioned that major cities such as Gujarat, Karnataka, Telangana, and Tamil Nadu have already implemented this technology. He insists that the benefit of this technology at KDA would be that the purchaser would get complete, authenticated information regarding that property—with the applicant being able to obtain details such as mutation of the property and site plan.