- Bitland, a blockchain-based land registering firm, has made Time magazine’s ’50 Most Genius Companies’ list
- The firm uses blockchain to register land ownership
- It currently operates in seven African countries
Time magazine has released its annual ’50 Most Genius Companies’ list. The list included tech companies, social media companies- and new for this year – Bitland, a blockchain startup.
Bitland, a firm which is run by Ghanaian resident Narigamba Mwinsuubo, works towards solving the issue of land registering in Ghana.
It does this by using blockchain technology to create a record of public land use and ownership. Considering the fact that over 90 percent of land in Ghana is unregistered, there has been a huge market for Bitland.
Bitland verifies land ownership through physical inspection and then creates an irrefutable record of ownership which comes in handy during land ownership disputes and court cases.
Solving problems for developing nations
Bitland’s operations are not limited to Ghana as the firm operates in seven African countries as well as well as India.
Land is represented on their system using colored coins. By tokenizing the land, it can be used as a tradeable asset.
They also create smart contacts for renting, purchase and land use. This creates a secure platform by which water, shared wells, shared sewage, mining, community land, shared cattle, and other resources can be protected.
The company makes use of GPS, PGP keys and timestamping.
According to Elliot Hedman, Bitland’s chief operating officer, the lack of concrete structures governing land use is one of the many factors that hinder economic growth in third world countries.
If this problem is taken care of, citizens of these countries will be able to better benefit from their land.
Their services aren’t limited to private citizens. Governments are also provided a way by which they can verify title deeds and land ownership and it also helps in the settlement of disputes.
The firm began operations in 2016 in 28 communities in Kumasi, Ghana but has since expanded.
Being featured in a list of innovative companies by Time is a huge honor for any company but it also goes to show the blockchain industry’s growing relevance.
From logistics to land use, blockchain is finding more and more applications in other industries. It seems its crossover success hasn’t gone unnoticed and being profiled by Time further boosts Blockchain’s popularity and credibility.