Company to launch multinational blockchain digital land registry system
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 the country.
The system, which uses blockchain technology, is said to revolutionise the real estate sector and is meant to make land registration cheaper, easier and convenient for potential landowners.
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It is also part of measures to incorporate blockchain technology into the Ghanaian real estate sector.
The system has key features such as registry tracking ownership and digital copies of verified land little.
Currently, the platform is fully operational in countries such as Kenya, UK, Australia and the United States of America.
Access
According to the Country Manager of the Land Layby Holdings, Mr Richard Ekem Otoo, the platform “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.”
“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,” Mr Otoo added.
Data security
The Director, Mr Isaac Dzakpata, explained that the platform would enhance data security and eliminate manual errors and duplication of verification processes during the registration process.
He was of the view that trust was waning as far as land title registration was concerned in the country since it usually went through a lot of unnecessary bureaucracies.
“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.
“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,” he stressed.