A multinational real estate and fintech company, Land Layby Holdings is set to revolutionize land registry in the country through the use of blockchain technology.
The company, which is presently operational in Kenya, UK, Australia and the USA will soon launch its services aimed at incorporating blockchain technology in the Ghanaian real estate sector. This technology which is an accounting method for virtual currency Bitcoin is being employed by many companies now because of its primary function of verifying transactions within digital currencies.
The company is set to launch the minimal viable product (MVP) for Africa’s first multinational Blockchain powered land registry early 2018. The platform, which shall be accessed using utility token — the Harambee token, will transform the way real estate is bought and sold 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.
The huge trust gap associated with land purchase in emerging markets like Ghana continually discourages people from investing. African Investors, and especially those living in the diaspora have lost inordinate amounts of money to their friends, relatives and conmen posing as professionals.
The existing system inefficiencies 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.
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 institutions to access and validate land title.
Source: Ghana/StarrFMonline.com/103.5FM/Tawakalitu Braimah
