Recently the Kenyan Blockchain Taskforce report recommended Blockchain use in the management of Land Registries and other sectors sighting its economy revamping potential in a detailed report. This came as great news to the Blockchain applications pioneers in Kenya, that the Government is explicitly pro Blockchain, following CapAgri’s selection into æternityVentures’s 2nd Starfleet Accelerator Program in March 2019 and even as the Smart Contract for premier Ethereum powered Blockchain Land Listing Platform in Kenya, Land LayBy Listing (Triple L) was finally published.
The publication had more than 150 properties posted to the Ethereum Blockchain and several validating nodes busy performing due diligence on the properties before submission and hosting on the Ethereum smart contract . The Triple L Ethereum Network is on it’s way to becoming the go to blockchain protocol for land registration in developing nations.
This particular Ethereum’s protocol is an ideal solution especially in regions where double allocation of land title rights is prevalent and the risks of centralisation of presumed decentralised protocols are foreseeable. Transparency on mitigation of the risks of overriding the consensus protocol of the preferred blockchain networks is therefore key. It’ll earn the budding technology nation a laudable reputation within the international cryptography community.
In developing countries, properly architectured Blockchain Land Registries will eventually facilitate the streamlining of land allocations since the land ownership information will always be available online, public yet conferring privacy and immutable too. Land buyers will enjoy peace of mind while purchasing pre-authenticated land products. Specific to the Land Layby Listing (Triple L), pre-authentication refers to the work that the pool of highly incentivized advocates within the Triple L system are doing to verify the data.
The Triple L System has 2 components, a central database and a decentralised application (dApp) powered by the Ethereum Network. The systems ingeniously exploit the informal land ownership details that form the basis of issuance of Land Titles by the Government land registries. It replicates and thereafter immutably stores the legal land registry information through the participating independent producers that may include – Advocates, Financiers, and Surveyors. It is designed through its gamification principles to be an independent land verification entity.
Notably, projects such as the Land LayBy Listing seem to be pursuing the United Nations Sustainable Development Goal (SDGs) number 9 (Innovation and Infrastructure) in developing quality, reliable, sustainable and resilient infrastructure to support economic development and human well-being, with a focus on affordable and equitable access for all. In the end, there will be a sustainable increase in the percentage of less privileged people groups integrated into value chains and with access to financial services, including affordable credit since Land not formally registered will have meaningful economic value through the issuance of Digital or Blockchain titles. This strikes a redemption chord to The World Bank’s ear.