Securing Property Rights in India Through Distributed Ledger Technology

India registered rapid economic growth over the past couple of years, with the GDP growing 7.6 percent in 2015-2016. While economic activity remains buoyant, however, the country still has a long way to go. The government must capitalise on the current economic momentum and use it to accelerate its reform agenda. One of the areas requiring regulatory attention is the property market. Despite a push for reform through the Digital India Land Records Modernization Programme (DILRMP), India’s current land title system remains plagued with deficiencies. There is a need for a standardised property rights regime if India aims to be an economic powerhouse. To bolster current systems, a decentralised, open, and transparent method of record-keeping must be introduced, supplemented by a legal framework capable of guaranteeing and enforcing property rights. A possible solution to the current record-keeping conundrum lies in blockchain technology.