A startup in Africa has begun an attempt to stop property fraud through the use of blockchain technology. This service allows users to search for specific land information and perform property transactions. The goal behind the service is to provide people with the ability to receive land transactions like mortgages. This makes it easier for financial institutions to lend to people in emerging countries. The startup, BenBen, believes that secure land information with fast transactions will encourage property investments. Without the service, the process of registering land can take two years, which allows individuals to commit the fraud.
Blockchain is becoming a popular tool in countries with unsecured financial systems. Allowing people to feel safe when transferring money or applying for loans is a major step in developing a country. Blockchain refers to a ledger of transactions that can only be changed through consensus among the users. I find the concept interesting given the fact that there is no overseeing authority but the system is still so secure. I am interested to see if new forms of fraud will infiltrate the new transaction process.
https://www.cryptocoinsnews.com/blockchain-tech-used-prevent-property-fraud-africa/