2018 is set to be a revolutionary year for Africa as the Land LayBy Holdings, the parent holding company of a flagship of real estate & fintech companies sets the pace for the incorporation of blockchain technology in the African real estate sector.
Given the blockchain disruption of financial services with the introduction of cryptocurrencies that are working successfully, it’s hard to find a sector that has not been directly or indirectly influenced by the technology. Cryptocurrencies have made a strong impact on payments, remittances, and foreign exchange. Token Generation Events (TGEs) have challenged stock investing, startup loans, as well as venture capital. The disruption is now in the African real estate industry as private companies seek to introduce it to land transactions and maintenance of public ledgers.
There is a grand opportunity to significantly alleviate such incessant challenges in our real estate industry permanently. Land Layby Kenya Ltd, a Kenyan leading real estate and fintech company, operating in 4 other countries (Australia, Ghana, UK and USA) is propelling Africa’s real estate into the Blockchain space with platforms built on this new technology.
The company is set to launch the minimal viable product (MVP) for Africa’s first multinational Blockchain powered land registry early 2018. The platform, which shall be accessed using a special digital utility key called the Harambee token, will transform the way we buy and sell real estate by doing away with the hidden costs, unnecessary intermediaries, and reduce transaction time significantly. It will enhance data security and eliminate manual errors and duplication of verification processes.
Generally, the Blockchain contains a certain and verifiable record of every transaction ever made, which mitigates the risk of double spending, fraud, abuse, and manipulation of transactions. The crypto economics built into the Harambee Token provide incentives for the participants to continue validating blocks, reducing the possibility of external influencers to modify previously recorded transaction records.
Land Layby Holdings hopes to permanently address the trust gap by disclosing land and land options to the public, but with special privacy requirements. The initial role of the platform will be to provide a mirror reflection of the Government Land Registry systems.