After the extraordinary success of virtual currencies, lots of industries are seeking to implement the blockchain, the underlying technology behind the success above. Land Layby, a prominent Fintech, and real estate firm based in Kenya is looking to emulate in the footsteps of the prosperous cryptos by launching the minimal viable product for a blockchain-based land registry. The project will be the first of its kind in Africa.
To gain access to the platform, the user will have to own a unique utility known as the Harambee token. The project's primary objective is to revolutionize transactions in the property development industry, primarily by eliminating hidden costs, negating the need for useless intermediaries and making the deals more time-conscious. Other benefits include enhanced data security and non-existence of standard errors and duplicate records.
Fundamentally, the blockchain ledger keeps a log of all transactions conducted over the platform, a characteristic that eliminates the possibility of double spending, fraud, and skewing of records. The databases are immutable and are continually built by the regular validation of transactions by the platform's users. Consequently, the ledge is unalterable, especially by external parties.
Ultimately, Land Layby aims to bring a permanent solution to the untrustworthiness marring the lands sector by disclosing land options to the public, though only token holders can access this info. Initially, the project will mirror the government’s land registry.
Problems Solved By The Harambee Token
Double Land Ownership
In Kenya, cases of a single piece of land having two or more title deeds are highly prevalent. Often, rogue officials collude with cartels and other ‘private developers' to defraud innocent citizens, most of whom come from humble backgrounds. Also, land records in a majority of developing countries date back to the pre-colonial era, a culture that provides the ideal breeding environment for land ownership disputes.
The Harambee blockchain provides an immutable alternative that is unchangeable once the authenticable credentials are entered. As a result, it eliminates the possibility of dual or even multiple land ownership.
Kenya is widely regarded as one of the most corrupt nations in the world, a disease that has spread to the country’s land registry. Efforts to digitize land records have been slowed down by wily individuals who still benefit massively from the manual filing system. Under the analog storage, cartels can make files disappear mysteriously, which eases the illegal transfer of land.
With blockchain, legit landowners will have peace of mind knowing that land records are unalterable.
Mapping A Nation
Most of the lands in Africa are customarily owned by communities, without the presence of official titles. Therefore owners have a hard time accessing some essential services, including bank loans. With the implementation of the blockchain, landowners will have digital titles, opening up new opportunities.