Times Magazine Puts Bitland Blockchain Project in Top 50 ‘Most Genius Companies’ Rankings
Bitland Ranked Among Top 50 ‘Most Genius Companies’ By The Times Magazine
According to the Time Magazine, Bitland is among the 50 ‘Most Genius Companies’ in the world. Bitland was among the pioneering companies to leverage blockchain technology in the creation of land registries. Usually, the list of top firms is compiled by the magazine’s correspondents around the world. The criteria for choosing the nominees check the novelty, influence, success, and ambition of projects.
As mentioned above, Bitland uses blockchain technology to keep inalterable records on land ownership. It is headed by Narigamba Mwinsuubo, a resident in Ghana. In Ghana, 90% of the land is unregistered, a huge predisposing factor for incidences of land-related fraud. Bitland addresses this issue by working together with government officials to obtain land ownership details on the ground. After verification, the data is uploaded and stored on the immutable blockchain ledger.
Tokenization of Land Assets
Additionally, Bitland uses colored coins to represent the pieces of land on the Bitcoin network. Essentially, these coins are cryptocurrency tokens, meaning that they can be traded. Moreover, the platform also relies on smart contracts to facilitate transactions such as the sale, leasing and renting of land. Bitland uses GPS coordinates, a mapping system, a timestamping device, and PGP keys to create land titles on the blockchain. As of now, the company is operational in seven African countries and India. It also offers services to Native communities in the US.
Elliot Hedman, the COO of Bitland, believes that land issues are significant contributors to the sluggish economic progress in developing nations. Besides offering blockchain-based land registry services, Bitland works with governmental agencies to solve land disputes. The service was established in 2016 at Kumasi, Ghana. Ultimately, it intends to expand its services to cover most African countries.