October 7, 2024

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Lagos Leverages Blockchain Technology to Combat Land Fraud

Lagos Leverages Blockchain Technology to Combat Land Fraud

Lagos is preparing to overhaul its land registry by implementing blockchain technology, known for its robust security and transparency—an initiative that reflects a growing trend throughout Africa.

The digital ledger, which serves as the foundation for cryptocurrencies like Bitcoin, is set to become the backbone of land ownership in Africa’s largest city, ensuring that every transaction is both tamper-proof and fully traceable.

An ambitious upgrade is being spearheaded by a consortium of local technology firms in collaboration with the Lagos State government, with a phased rollout planned over the next 18 months.

A key component of this upgrade is the tokenization of real estate properties, which will transform physical assets into digital representations on the blockchain.

Innovation Village reported that these “digital twins” will capture essential information such as ownership details, title deeds, and a comprehensive transaction history.

The implementation of blockchain technology is anticipated to tackle long standing issues within Lagos’s current land registry system, which has been mired in corruption, inefficiency, and lack of transparency.

With blockchain, the government aims to create a secure, transparent platform where land transactions are permanently recorded and cannot be modified.

Lagos’s shift to blockchain could significantly streamline land transactions, minimizing the time and costs involved in verifying titles and finalizing deals.

This enhancement is expected to invigorate the property market, drawing both local and international investors who have previously been hesitant due to concerns about fraud.

A secure and transparent system for land ownership could unlock considerable economic potential, especially regarding unregistered or disputed properties.

This initiative by Lagos is part of a wider trend across Africa, where countries facing similar challenges in land administration are transitioning to electronic title deed systems.

For example, in Kenya, the Lands Ministry began digitizing records in 2018, initially generating enthusiasm. However, progress has been slower than anticipated, with only about a third of Nairobi’s property records digitized to date. Nonetheless, momentum is gaining as more counties, including Isiolo, adopt the system.

Ghana is also advancing efforts to digitize land records to enhance transparency. The West African country’s pilot blockchain land registry, launched in 2017, is still in the experimental phase but signifies a broader trend across the continent toward employing technology for improved land management.

Rwanda stands out in this regard, having titled all land parcels between 2011 and 2013, with 86% of titles including women. By 2023, the small East African nation completed the digitization of its national cadastre and registry, marking it as the only African country to achieve this achievement.

South Africa has explored the use of blockchain for land registration but faces complex challenges due to historical land ownership issues.

Source: TECHCABAL


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