There is no doubt that the blockchain technology is the most promising ever created on this planet. The companies who adopt such technologies are surely on the edge of securing the future. Bitland is one of those startups using Blockchain for the land registry and has been named to Time Magazine’s “50 Most Genius Companies” list. When the opinions were asked from the Global correspondents of Time Magazine about the businesses that are inventing the future, the evaluated the candidates on the basis of Innovation, Originality, Influence, success and Ambition. The companies were listed in an alphabetical order.
The Leadership of Narigamba Mwinsuubo, a resident of Ghana is surely working for Bitland for the Innovation and Originality purposes. The company uses blockchain technology to create immutable public records of the land ownership. The International Monetary Fund (IMF) has estimated that 90% of the land of Ghana is unregistered, providing little legal resource to people if their land is stolen.
Once the land Ownership is verified, the records goes to the immutable and decentralised hyperledger which is public, easily accessible and Super- Secured. The ownership is documented in such a format that it cannot be altered. The firm’s operatives work in collaboration with government officials.
Tokenization Makes the Assets Tradable
Tokens are used everywhere. Crypto market which signifies wealth or ownership of assets. Similarly Bitland creates cryptographic token which represents the lands using coloured coins on the Bitcoin Blockchain. Tokenization allows land, like any other asset to be used as tradable instrument.
The project also creates Smart Contracts governing purchase, lease, and rental of the assets that can be executed automatically through the escrow accounts, saving accounts, wills, and shareholder contracts as mentioned by the company’s website. Resource which includes the land, water, shared wells, shared sewage, mining, community land, shared cattle, and other resources are protected by the resource rights.
To create titles on the Blockchain, Bitland uses GPS coordinates, a mapping system, PGP keys, and a timestamping service.
The platform currently operates in the 7 African Nations and surprisingly India. It supports the Native American Communities in the United States.
Meeting A Need
Elliot Hedman, COO of Bitland, said that the unsecure land rights are the major factor of undermining economic and socio-economic progress in the developing countries.
In addition to the helping individuals and groups to survey land and record title deeds, Bitland serves as liaison with governments to resolve disputes.
The project began in 2016 with 28 communities in Kumasi, Ghana, with the intention of expanding across the African Continent.
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