Thane Municipal Corporation turns to blockchain for property tax
The Thane Municipal Corporation (TMC) is working on a pilot blockchain-based solution for property tax assessment in partnership with Hyderabad-based Veridoc Global India, as part of a larger effort to create a digital system to engage with citizens. The TMC caters to about 2.5 million residents in Thane, on the outskirts of Mumbai.
Integrating blockchain technology in property tax documents is expected to help in faster approvals and provide a single point for data availability.
The one-scan solution is also expected to speed up the process and make it simpler, enabling various stakeholders to verify the original document along with recent updates. This will benefit bank executives, property buyers, lessees and others.
The blockchain initiative is being undertaken through the flagship programmes of the Ministry of Housing and Urban Affairs, ‘Accelerating Growth of New India’s Innovation’ (AGNIi), Startup India and InvestIndia.
Blockchain technology is useful in cases where documents have to be authenticated multiple times in the public domain, said Sameer Unhale, CEO of Thane Smartcity and Additional Municipal Commissioner, TMC.