The blockchain has been integrated ion various real life situations including share voting as explored in our previous article’s when it comes to identity verification, few have ventured into the property markets which have exploded in Ghana over the past decade. With an increasing number of people looking for homes, BenBen provides the blockchain solution designed to uncover property details and ownership.
Previously few other companies attempted to make use of the blockchain in relation to land verification. Bitland was one of the first but BenBen aims to provide a much more refined and seamless platform for users to verify property details and has already been linked to 40,000 properties and joined forces with Barclays. Identity verification can be used for various purposes including lending against property and the sale and transfer of rights.
In that time someone else can come forward and claim that they owned the property in the first place.
To conclude the blockchain is currently one of the most flexible features of crypto. Having a public and transparent ledger is extremely valuable for identity verification, and as seen in the case of BenBen, can help customers save money and time by allowing them full information on who they are making transactions with. With one of the main customers of the service being Barclays Ghana, the blockchain system is growing in terms of functionality and real life applications. It is hoped with further development the property verification platform can branch out into other African countries where property fraud is a common occurrence as many tend to seek advantage of unenforced laws and regulations.