A land selling agency has now turned to block chain technology to make land transitions easier.
“The process of buying and selling land is one of the most corrupt deals and people have lost money and land, in illegal transactions, thereby eroding trust in this industry.
But our technology will end these,” says Dr Peter Tole, Founder and Chief Innovation Officer Land LayBy Kenya Limited.
The platform helps manage digital land records such as transactions of land sales and land records from various players such as advocates, buyers, sellers, agents and later plans to involve surveyors, financial institution and other real estate companies.
“Although all this information can be access by everyone, it, however, cannot be deleted by anyone,” he assures.
Dr Tole likens it to a peer to peer network where each person has a book, that everyone in the network is allowed to read, but only a few are permitted to write on.
Any person who wants to enlist his or her land on the Block chain technology, visits the Land Layby Listing platform in form of a website, and gives personal details and description of the land, including location and size. Later versions will deploy mobile apps.
“Several advocates will work anonymously while confirming land information and come up with their reports.
If majority of the consensus panel concludes it clean, it is adopted and enlisted on the block to await the buyers,” he explains.
For those who want to buy land from the agency, the client visits the site and look for listed land.
Dr Tole explains: “Here, there are two options- a client can decide to go for unverified or verified land. Unverified land means the client will do due diligence by herself or himself.”
