It is no longer a secret. A new way to securely store and manage land transactions is set to hit the African Continent with promising outcomes. Earlier in November 2016, His Excellency Dr. Bawumia Vice President of Ghana announced the, “shifting of focus to digitisation of land registration in 2018”.
Land acquisition in Ghana, Kenya and other African countries is riddled with frequent cases of fraud, distrust and malfeasance at many levels. But all that would be a thing of the past.
The disruptive power of Blockchain Technology has been echoing across the global banking sector, whiles in Africa, countries like sierra Leone are aiming to be the first smart country on the Blockchain. Sounds of real estate blockchain revolution are already reverberating in Honduras, Sweden and India etc.
2018 is set to be a fine year as Africa’s own Land LayBy Holdings throws in a commanding lead to the Land Blochchain revolution.
The unprecedented use of mobile financial remittance through personal mobile devices, the advancement in cryptoeconomic capabilities and unparalleled demand for land in Africa has now created the right atmosphere for blockchain to take root.
These days, many Africans in Diaspora and at home, have lost huge sums of money and property to friends, relatives and conmen posing as land agents and professionals.
The inefficiencies of existing structures make it difficult to verify the authenticity of the property ownership records. The lack of credible networks indicates there lacks a proven system and framework that facilitates proper, time efficient and costly due diligence. The Geographical Barrier, in the case of a diaspora investor, impedes the enforcement of legal contracts in instances of fraud and breach.
Land Layby Holdings, a leading African real estate and fintech company, operating in 4 other countries (Kenya, Australia, UK and USA) is propelling Africa’s real estate into the Blockchain space with platforms built on this new technology on the block.
The company is set to launch the minimal viable product (MVP) for Africa’s first Blockchain powered land registry early 2018. The platform, which shall be accessed using a special digital utility called the Harambee Token, will transform the way we buy and sell real estate by doing away with the hidden costs, unnecessary intermediaries, and reduce transaction time significantly. It will enhance data security and eliminate manual errors and duplication of verification processes.
Imagine If state land administrators could tax existing but undocumented land property, and landowners too could prove to the world beyond reasonable doubt that they owned the land that would be a Win-Win incentive (financial and material) for everyone to start recording their undocumented land.
- If land property remains unrecorded, it is much harder to tax for revenue purposes
- If land property remains only on paper, it would be easy for some to steal it
- If land property is stored in only one place entries can be altered without trace
This Innovative blockchain land registry will make record-keeping more efficient especially in the real estate sector where land titles are susceptible to costly, fraudulent practices and extended legal litigations. The new digital land registry platform will create immutable records for land ownership, which are then digitized, secured and stored permanently on the blockchain. The Land LayBy Blockchain is designed with the following key features
- Land Registry tracking ownership
- Store digital copies of verified land little
- Publish and document the process for land records.
Land Layby Holding hopes to permanently address the trust gap by disclosing land and land options to the public, but with special privacy requirements. The initial role of the platform will be to provide a mirror reflection of the Government Land Registry systems, thereby allowing local and international financial institution to access and validate land title.