Greenlakes Launches Blockchain-Powered Second Home Projects in India
- ByStartupStory | March 22, 2023
Greenlakes, a proptech startup based in Bengaluru, has introduced a blockchain-based solution for its Greenlakes Farmlands project, becoming the first Indian firm to leverage blockchain technology for owning farmlands or second homes outside of cities.
Greenlakes’ flagship project, Greenlakes Farmlands, is situated on the Bengaluru Doddaballapur-Hosahalli Road and covers roughly 100 acres of farmland in the midst of mountains, valleys, and a natural inland stream. The company has implemented a blockchain-based solution to provide users with access to transparent, trustworthy, and verified land information, particularly during the registration process.
According to Greenlakes CEO Almas Johari, the company aims to offer its customers a seamless and transparent buying experience for its Greenlakes Farmlands project. By leveraging blockchain technology, the company can create an immutable record of all transactions, ensuring security and transparency throughout the process.
As per Greenlakes, the blockchain-based solution will ensure transparency in land ownership history, clean titles, and encumbrance-free secure properties. The technology will also enable customers to track their farm assets and monitor their agricultural produce from afar. Additionally, Greenlakes has developed a remote land monitoring app with the aid of blockchain technology and ISRO SAT2FARM satellite feeds, which can help customers track construction and farming activities on their land.
Almas Johari, CEO of Greenlakes, stated that the company’s use of blockchain technology demonstrates its commitment to delivering increased transparency, security, and convenience to customers in the farmland and farmhouse industry. In recent years, blockchain technology has proven to be an effective solution for addressing challenges in several sectors, including banking, healthcare, supply chain management, and agriculture.
Blockchain technology has gained popularity in various sectors such as healthcare, banking, agriculture and supply chain management. In recent times, the real estate industry has also started using this technology. Karnataka has been one of the early adopters of blockchain technology for land registrations.
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