A NAIROBI REAL ESTATE FIRM PLANS TO LAUNCH A BLOCKCHAIN BASED LAND REGISTRY.

A NAIROBI REAL ESTATE FIRM PLANS TO LAUNCH A BLOCKCHAIN BASED LAND REGISTRY.

Data storage has become a major concern for businesses, individuals and governments across the globe and in many cases, blockchain technology is already being used to solve this. Many more individuals, organisations and governments are seeking even more ways to store contracts, agreements, and particulars on this ledger of digital transactions.
Land records can also be stored on the blockchain which will help eliminate the issues of double ownership and false documents and verification will be much easier.
Peter Tole, head of Land Layby Group, a Nairobi based real estate firm said
“Blockchain would help by making all land records publicly available online and eliminating multiple titles for the same piece of land”

To assist buyers of land both in Kenya and outside gain trust in the purchase of land, the company plans to launch a private land registry in Kenya this month to help clients and investors buy secured properties. The registry will be powered by a cryptocurrency-like unit called a ‘harambee token’ which will power this land registry and then, the users will be rewarded with tokens for correct entries and penalised for incorrect entries
Tole said: “With blockchain you don’t really need to trust the other party, the system itself is trust”

This wouldn’t take the sole responsibility from the government but it will complement the efforts of government by making them better, easier and more reliable. This will bring an obvious change to the way matters are run and then bring about a drastic reduction in disputes arising from land ownership and other actions requiring verification.
He said
“I see most African governments adopting this (blockchain) technology that will revolutionise land registries,”
He mentioned that the key challenge will be getting support and authorisation of the governments in Africa for the use of blockchain based technology.
This will certainly bring about a drastic reduction in corruption. Certain influential folks have over time been responsible for making such files and documents “disappear” thereby forcing ownership on themselves by illegally acquiring these lands and properties. However, with the technology, it will be impossible to have those documents suddenly “disappear”.

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