I hope you all remember our post — Blockchain — the Future of Real Estate where we wrote about how blockchain technology will impact and change the way we think about and deal with real estate — forever.
Nigeria and frankly most countries in Africa and the third world have a long way to go in registering and indexing property and the associated legal documents that accompany land use and sales.
Most land is not registered and therefore it is challenging to safely and legally sell property individually, or collectively without severe limitations and headaches.
Blockchain can change this. It digitizes the process making it accessible to anyone with access to the internet. We lamented that Nigeria should rapidly pursue this technology and implement it as soon as possible.
Meanwhile, HouseAfrica has established and launched their first blockchain property register — this is big. The Nigerian start-up formed in 2018 was one of the winners at AfricArena and is setting the standard for others to follow.
Their website allows you to search for a property or parcel of land to verify and authenticate ownership, it also allows for easy transfer of title and swift access to mortgage providers.
They essentially provide an immutable record of who owns a particular property, it will also integrate with third parties such as mortgage providers. These simple steps will make future transactions smooth, and seamless — and will stimulate more use and access to real estate.
HouseAfrica – Bravo!