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Homepage > News > Business > Nigeria turns to blockchain to tackle land fraud Real estate fraud is rampant globally, costing investors trillions yearly as corrupt officials collude with unscrupulous business operators to swindle unsuspecting users. In Africa, the challenge is exacerbated by poor record-keeping and slow arbitration and judicial processes. Blockchain has long been touted as the ultimate solution to land fraud, and Nigeria’s largest city, Lagos, is finally walking the talk. According to local publications, the Lagos State government has partnered with a consortium of local tech firms to deploy the blockchain-powered land registry system over the next 18 months. The system is based on tokenization; users will convert their physical real estate property into a digital representation on a blockchain network with key details such as the title deed, ownership, and transaction histories. Once the land’s ownership changes hands, the changes will be reflected on a transparent and immutable network, making it easier for legitimate buyers to prove ownership. Lagos joins a handful of other jurisdictions across the continent that have turned to decentralized ledger technology (DLT) to rid the real estate sector of rampant corruption. They include its neighbors Ghana and East Africa’s largest economy, Kenya. The big difference for Lagos is the government support. In other African countries, it’s the private sector that has championed the transition, which has made it slow and hindered widespread adoption by the public. Additionally, powerful cartels within the government, who have benefited from the opacity of the paper-based system, have fought against digitization efforts. In Kenya, for instance, the Ministry of Lands estimated that real estate corruption and fraud cost the country Ksh60 billion ($470 million) annually. In South Africa, the digitization of land titles through blockchain could have an even bigger impact. President Cyril Ramaphosa announced last year…

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Filed under: News - @ September 23, 2024 11:22 am