Greenlakes, a Bengaluru-based prop-tech startup on Tuesday announced a pioneering blockchain-based solution for its flagship project ‘Greenlakes Farmlands,’ making it the first Indian company to use blockchain solutions for farmlands.
This solution claims to be a non-editable distributed ledger that gives users access to transparent, trusted and verified information about their land, particularly during the registration process.
For a landowner, blockchain in farmland meant transparency in land ownership history spanning decades, secure, encumbrance-free property with clean title, ability to track farm assets from afar leading to accountability and traceability that is the ability to trace agricultural produce grown on your land right from seed to harvest stage, according to the firm.
Users of this solution would be able to benefit from this technology from the initial registration process to the construction of their farmhouse and the farming activities on their land. Moreover, the use of blockchain technology would lead to an increase in the value and appreciation of farmland and farmhouse, the company said at a media conference.
Almas Johari, Greenlakes’s CEO, and an alumnus of IIM Bangalore said, “We believe that blockchain technology is a game-changer for the farmland and farmhouse industry.’‘
Over the past few years, blockchain technology has emerged as a valuable tool in addressing challenges in various sectors, such as banking, healthcare, agriculture, and supply chain management. More recently, it has also been gaining traction in the real estate industry. In Karnataka, blockchain technology has already started being implemented for land registrations, making it one of the first states in the country to adopt this technology.
Greenlakes Farmlands is 100-acre farmland located on the Doddaballapur-Hosahalli Road.