Stamps and Registration Department partners with ChitMonks
In a first, the traditional chit fund administration is powered by the secure blockchain technology as the Stamps and Registration Department partners with ChitMonks, a start-up, to launch T-Chits.
At a time when all record-keeping is manual, the initiative is aimed at bringing trust among subscribers and ensure that there is no manipulation of numbers. ChitMonks on Thursday said T-Chits intends to bring assistant registrars of chits and registered chit funds on the blockchain network. This would bring about ease in business.
“The idea is to invite 10 different companies and explain to them how the blockchain administration works. We will then explain to them how they should apply online,” ChitMonks CEO Pavan Adipuram said. The Stamps and Registration Department Joint Inspector General (Technology), Srinivasulu Vemula, pointed out that there were only 14 assistant registrars of chits who maintain around $3 billion business as regulators. “The revenue of the department is zero, we will not collect much money from the subscribers, but we have to see that their interest is protected as per the law. That challenge is insurmountable without the assistance of the IT systems. The department is willing to work with ChitMonks,” Mr. Vemula said. He said the T-Chits would ensure that every subscriber’s interest is protected. “There have been some complicated scams in chit funds like the Sharada scam. Given this, a regulatory tool will be sought by every State government,” said Jayesh Ranjan, IT, Electronics and Communications Principal Secretary.
Speaking on the sidelines of the event, Mr. Ranjan said the Telangana government was poised to use blockchain technology platform in at least four of its departments.
He said, “Blockchain technology initiatives are being worked out for the Transport Department (Road Transport Authority), Land Records, Health Department, apart from the Stamps and Registration Department.”