In a significant step forward, Indian state of West Bengal’s New Town Kolkata Development Authority (NKDA) has joined forces with Airchains in the first of its kind digital land ownership through NFT-based on Polygon Supernets.
The collaboration will involve the deployment of 500,000 Non-Fungible Tokens (NFTs) on Polygon Supernets. These NFTs are poised to radically change the land mutation process, introducing the concept of fractional property ownership and streamlining the land buying and selling process.
The introduction of blockchain technology to land governance aims to address common issues such as fraud, inefficiency, and security vulnerabilities in land ownership records. This strategic partnership is designed to alleviate the complexities associated with land transactions, rendering the process more transparent and efficient.
Addressing regulatory concerns, Airchains ensures the implementation of private chains or gasless transactions for government institutions. Having successfully raised $1 million in a pre-seed funding round steered by GravityX, the startup anticipates further revenue growth.
In its mission to empower grassroots adoption of Web3 technology and transform existing systems, Airchains has partnered with multiple governing bodies across India, providing an array of blockchain-powered solutions, including complaint management, CSR tracking, and transportation management.
This joint venture with NKDA and Polygon promises to bring about a significant shift in the landscape of land governance, making Web3 technology a tangible force in the process.
It is hoped that this partnership will not only foster increased institutional demand but also trigger a wave of mainstream adoption for blockchain deployment.
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