In the latest blockchain news, we are on the verge of another big milestone – in which for the first time, a blockchain startup is entering Time Magazine’s “50 Most Genius Companies” list. We are talking about the blockchain startup Bitland which is among the first ones out there to create a land registry.
Time Magazine has been actively researching businesses that are inventing the future, to later evaluate the candidates based on their originality, success, influence, and ambition. Bitland is currently a company that fulfills all of that criteria – and currently, a company that is under the leadership of a Ghana resident called Narigamba Mwinsuubo, who uses blockchain technology to create immutable public records of land ownership.
Since 90% of the land in Ghana is unregistered (data from the International Monetary Fund), there is little legal recourse for people if their land is stolen. Bitland makes most of this challenges and grants land ownership directly by its operatives, documenting it in a format that cannot be altered retroactively. The company (Bitland) and its platform work in cooperation with the government.
Aside from registering the land, Bitland also creates a cryptographic token that represents it using colored coins on the Bitcoin blockchain. Through this form of tokenization, the land can be used as a tradeable instrument. There are lease, rental and purchase options that can be executed automatically for escrow accounts which cut down a lot of paperwork and position Bitland in the spotlight.
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