Blockchain is all the rage these days. But don’t think it only applies to cryptocurrency.
A multinational real estate and fintech company, Land Layby Holdings, is set to launch the first multinational blockchain digital land registry system later this year in Ghana.
Use of the technology will help registry tracking ownership and digital copies of verified land titles.
The system has key features such as registry tracking ownership and digital copies of verified land little. The platform is currently operational in countries such as Kenya, UK, Australia and the United States of America.
The Country Manager of the Land Layby Holdings, Mr Richard Ekem Otoo, said the following about the platform:
“It shall be accessed using utility token — the Harambee token, will transform the way real estate is bought and sold by doing away with hidden costs, unnecessary intermediaries and reduce transaction time significantly. It will enhance data security and eliminate manual errors and duplication of verification processes.”
He further added:
“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.”
As far as data security, the director, M. Isaac Dzakpata, explained that the platform would help to eliminate manual errors and duplication of verification processes during the registration process. He stated:
“The launching of this platform will eventually make record-keeping more efficient, especially in the real estate sector where land titles are susceptible too costly, fraudulent practices and extended legal litigations. The new digital land registry platform will create immutable records for land ownership which are then digitised, secured and stored permanently on the blockchain.
He also stressed:
“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.”
Is Ghana Ready For Blockchain Technology In Lands Registration?
Blockchain technology is all the rage these days with lots of talking about Bitcoin. But blockchain has its benefits in other areas and the use of it in land registration could be a huge benefit.
But there could still be bureaucratic hurdles to jump over and one must wonder if the Lands Commission itself is ready to embrace this technology to make it easier for people to register lands.
We’ll have to wait and see how this plays out later this year when it’s officially launched.