Kenya’s real estate industry goes hi-tech with blockchain
SCI & TECH
By Standard Reporter | December 29th 2017
NAIROBI, KENYA: A Kenyan real estate company will early next year introduce a new way of land acquisition that is seeking to eliminate hidden costs.
Land Layby Kenya Ltd, a Kenyan leading real estate and fintech company, operating in 4 other countries 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.
Cryptocurrencies have made a strong impact on payments, remittances, and foreign exchange.
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