Blockchain Tech Used to Prevent Property Fraud in Africa

Blockchain Tech Used to Prevent Property Fraud in Africa

There is a new start-up company in Africa that wants to stop the property fraud by using the blockchain technology in the market.The company is Be

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There is a new start-up company in Africa that wants to stop the property fraud by using the blockchain technology in the market.

The company is BenBen and based in Ghana dealing with digital land registry. It allows the users to search the property information and perform any related online transactions. The government can integrate with BenBen and render their land information easily searchable for the citizens and they will be able to digitally get the land transactions they make such as mortgages. This makes is easy for the financial institutions to offer lending services to such properties which has been an issue in Ghana.

As per the information from BenBen, they believe that they can secure the information related to properties very fast and ease all related transactions thus facilitates the investments, access to necessary funding and enhance the government efficiency and they are fully committed to offer such benefits.

Besides, BenBen is committed to diversify its services to other sectors such as mining, agriculture, forestry and other industries by using the amazing blockchain technology.

As per the report from the Cambridge News, BenBen, has been accepted on the Cambridge Social Ventures incubation program at Judge Business School and is willing to empower the citizens so that they can have access to the land rights without any risk.

The head of strategy and business development at BenBen, Philip Jarman, revealed to the Cambridge News that with the use of paper-based system, it could take more than two years for someone to register a property.

By using BenBen, the unnecessary waiting time which usually allows fraudsters to act is eliminated. The platform has been up and running and has listed about 40,000 properties in Accra Ghana. In fact it has secured its first customer (Barclays Ghana).

Who Has Secured Property Blockchain Technology?

There are many countries that are realizing the benefits of this technology in the property sector. That is why many people are using it to do their property transfers.

Ubitquity, which is a blockchain powered real estate, became the first to take real estate transfer ownership via Blockchain last year July.

The Cook County in Illinois conveyed properties on Blockchain in October therefore providing better information about the unoccupied buildings in Chicago.

The county of Georgia announced this month that it was ready to introduce and implement this technology. It is meant to allow the citizens get information related to real estate digitally from the documents in the blockchain.

Those are some of the few examples where this technology is being implemented in the property sector. It shows the impact of technology on improving the efficiency of the operations within the property industry.

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