A new Blockchain-based initiative in West Africa aims to stamp out corruption and is touting to “free up trillions of dollars” in locked capital for infrastructure development. It’s a bold stab by a bunch of tech pioneers from the US, Denmark, Ghana and further afield at fighting government corruption and empowering people through legal ownership.
Blockchain technology, which underpins Bitcoin and has been the inspiration for other cryptocurrencies, functions as a powerful decentralized ledger that records every transaction and stores information on a global network that cannot be interfered with. Not surprisingly a number of banks see blockchain technology as being ripe to be leveraged in areas including exchanges and remittances.
As such, the blockchain offers huge advantages in cost, transparency and reliability thanks to the “immutable nature of decentralized ledgers” according to one of the pioneers behind the new initiative, Ronny Boesing, CEO and founder of Danish cryptocurrency exchange CCEDK .
However, these benefits often fail to resonate due to the markets targeted and the way in which they are communicated. Still, the project from Bitland , a development platform embracing an educational initiative, aims to show the local population how the new technology can bring their country into the future. The mission itself has been outlined in a 22-page white paper .
“Bitland puts the human element back into the decentralization movement by bringing blockchain technology directly to the people, face to face,” says Boesing.
The organization reveals that its goal is to provide services that allow individuals and groups to survey land and record title deeds on the Bitland blockchain – providing a permanent and auditable record – as well as acting as a liaison with the government to help resolve disputes.
Specifically, the project is being piloted with 28 communities in Kumasi , a city in southern Ghana that is among […]
