A fintech firm from Pune, India has launched a blockchain-based registry system named RealX that allows Indian citizens to purchase fractional ownership in backdrop.

A report from The Economical Times states that RealX has partnered with Tripvillas, a holiday habitation rental service, to blend buying of holiday properties in accordance with usage and yield. Tripvillas will besides exist responsible for managing the basket of holiday properties intended for co-investment.

According to RealX main operating officer and co-founder Neera Inamdar, the COVID-xix pandemic was a central driver for the platform'southward launch, as the existent estate market place's instability concerned both property developers and investors. Citing the return of a comparatively stable market, she said:

"We offer 'direct deeded property co-ownership' and it is in the best interest of investors to go direct co-owners of the holding."

Roshan Lionel Dsilva, founder and CEO of Tripvillas, said that the RealX platform volition soon allow Indian investors to co-own international backdrop on the platform to incentivize dollar-denominated income.

Related: India to use Ethereum blockchain to verify diploma certificates

While Indian regulators' stance on crypto adoption is still unclear, the state continues to experiment with blockchain technology in not-financial niches.

Recently, the government of Maharashtra implemented a credentialing system for providing tamper-proof diploma certificates using the Ethereum blockchain. In partnership with blockchain startup LegitDoc, the Maharashtra State Board of Skill Development has started issuing digitally verifiable certificates.

LegitDoc is likewise in talks with a few other educational institutions in India that intend to implement a similar solution for countering the ongoing forgery of documents.