Ghana Is Working With IBM For Blockchain-Based Land Administration
A new blockchain partnership has been made by an African country and giant of the technology sector. IBM is currently working with Ghana’s government to develop blockchain solutions to be used on land administration.
During the first US-Ghana Business Forum, which was held on July 5, the leaders from IBM and the government of Ghana signed a document to formalize an agreement on a technology partnership that can help to improve the way that land is administered by the government in the country hugely.
The current system used in Ghana is centralized, as it still is the norm around the world. It is based on paper records, which are not as easy to use as the blockchain technology and it is considered to be inadequate because it fails to allow property to be used as a collateral on transactions made by banks. This means that they cannot use property to get loans, for instance.
Blockchain To Change How Land Is Used In Ghana
Blockchain’s main use in this case will be to allow Ghana to modernize its technology and organization, as the blockchain allows for computerized and immutable land records that are easily verifiable.
The general manager for IBM Middle East and Africa, Takreem El-Tohamy, has stated that this decision by the government will greatly allow for more security and transparency in the industry at the same time that it would be able to reduce frauds in the system and amplify the access to investment and capital in the country.
IBM will work directly with the Ministry of Lands and Natural Resources to develop plans to take this initiative forward. A secondary aspect of the project is to enhance port logistics and processes. According to El-Tohamy, smart contracts could be used to improve customs and logistics in the ports of the country. This move, the manager believes, is important for improving the trade facilities of the country.
The Start Of Blockchain Adoption In Africa?
This agreement also marks another international entry point for IBM in the African space, especially concerning blockchain technology. The blockchain market is growing in undeveloped countries and the big companies know that being the first ones to implement the technology there can make them get a huge profit.
Just recently more than 30 speakers addressed blockchain topics on Africa in Marrakesh, Morocco, during the Bitfury’s Blockchain Summit. There, the South African Reserve Bank published results from Project Khokha, which makes interbank transfers using distributed ledger tech (blockchain). These may be signs that blockchain will be more widespread in the continent soon.