Market innovations like blockchain can have a positive impact on the real estate industry. In an attempt to promote innovative solutions, a Ghanaian company hopes to create awareness of the potential benefits of blockchain technology with regards to solving the trust barrier that currently exists in most African countries between land buyers and sellers.
New technologies, however, come with a hefty price to pay, a price that involves implementation and the education of both the masses and the stakeholders involved in property development and land management.
On Sunday the 20th May 2018, Land LayBy Ghana launched its first series of Blockchain Masterclass that targeted Ghanaians in Accra, organised by five equity partners. The company is adopting blockchain technology through its sister companies, Land LayBy Technologies registered in Australia and Kenya.
Due to the reassuring numbers in attendance, the company hopes to conduct at least one session of the Masterclass every two to three months.
The Masterclass introduces the technology’s main benefits with the potential to make it suitable to solve land challenges in Africa and other developing countries.
The educational class provides a foundation for the Ghanaians to understand how the technology can create affordability of land through the creation of a single source of truth; securing land rights through the immutability functions of the technology and improving the accessibility of land by facilitating access to real-time land transactional data.
Furthermore, the blockchain solution aims to map out dead capital assets on a register that will unleash the continent’s potential to impact the economy positively. It has already attracted the interest of the WorldBank Group (WBG) Innovation Labs, specifically because it seeks to create a registry of the informal land information that constitutes trillions of dollars in dead capital.
The company is seeking now to sign up partners in preparation for rapid development and scaling of the solution countrywide, as it moves forward to promote technological advancement in the property industry.
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Mobus Properties Ltd. is a privately-held Ghanaian property investment, development and management company focusing on commercial and residential property development. The company has property portfolios in Ghana and Nigeria.
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