Afrigather This text was contributed to TechCabal by Seth Onyango by way of Fowl Story company
Lagos is gearing as much as revamp its land registry utilizing blockchain, a know-how famend for its ironclad safety and transparency, a pattern seen throughout Africa.
The digital ledger, which underpins cryptocurrencies like Bitcoin, might quickly grow to be the spine of land possession in Africa’s largest metropolis, making certain each transaction is tamper-proof and absolutely traceable.
A consortium of native know-how companies, partnering with the Lagos State authorities, is driving the bold improve, which is able to roll out in phases over the following 18 months.
Central to the improve is the tokenisation of actual property properties, which is able to convert bodily property into digital representations on the blockchain.
Innovation Village reported that these “digital twins” will retailer key data reminiscent of possession particulars, title deeds, and full transaction historical past.
The adoption of blockchain know-how is anticipated to deal with deep-rooted points in Lagos’s present land registry system, which has lengthy been affected by corruption, inefficiency, and opacity.
With blockchain, the federal government seeks to supply a safe, clear platform the place land transactions are completely recorded and can’t be altered.
Lagos’s adoption of blockchain might considerably streamline land transactions, lowering the time and prices related to verifying titles and finishing offers.
This effectivity is anticipated to spice up the property market, attracting each native and worldwide buyers who’ve been cautious of fraud.
A safe, clear system of land possession might unlock substantial financial potential, significantly in unregistered or disputed properties.This transfer by Lagos is a part of a broader pattern throughout Africa, the place international locations grappling with comparable challenges in land administration are transferring to digital title deed programs.
For example, in Kenya, the Lands Ministry started digitising data in 2018, initially sparking enthusiasm. Nevertheless, progress has been slower than anticipated, with solely a few third of Nairobi’s property data digitized to this point. Regardless of this, momentum is constructing, with extra counties, together with Isiolo, adopting the system.
Ghana has additionally been engaged on digitising land data to enhance transparency. The West African nation’s pilot blockchain land registry, initiated in 2017, stays within the experimental section however displays a broader pattern throughout the continent towards leveraging know-how for higher land administration. Rwanda stands out, having titled all land parcels between 2011 and 2013, with 86% of titles together with girls.
By 2023, the small East African state accomplished the digitization of its nationwide cadastre and registry, making it the one African nation to attain this milestone.
South Africa has explored blockchain for land registration however faces advanced challenges because of historic land possession points.
