The co-founder of Ethereum, the second largest cryptocurrency by market cap and ConsenSys that develops decentralised applications- Joseph Lubin is in India to discuss the future of blockchain & the latest deal with the think tank, NITI Aayog.
"We have done some work in land title registry around the world, that is an exciting project as well where you can take advantage of the decentralised and trustworthy nature of this kind of database system and put titles on the system, it is much more trustworthy infrastructure and it is a much more fluid infrastructure," he said.
"In a place like Dubai for instance there is the requirement for 12 different stamps on a document, you got to drive around all these different places and when you are transferring title in clearing and settlement of a purchase, it can take weeks and sometimes months to get everything done, so if you put all the business logic on a blockchain system, you can have all the documentation in that system, all the people who have right to access that documentation can log in and see it and you can have the entire workflow right there. It is logically centralised but it is trustworthy. This is the biggest project that we are currently working on with NITI Aayog," he added.