A new Blockchain-based initiative in Africa aims to stamp out corruption and free up trillions of dollars in locked capital for infrastructure development according to an article in Bitscan.
OpenLedger-based organisation Bitland will provide services to allow individuals and groups in 28 communities in Kumasi, Ghana to survey land and record title deeds on the Bitland Blockchain – providing a permanent and auditable record – as well as acting as liaison with the government to help resolve disputes. The intention is to expand across the African continent.
It is estimated that today in Ghana around 78 per cent of land is unregistered.
Bitland could open up trillions of dollars in locked capital in low-income countries like Ghana and the Bitland team will use Blockchain technology to help accelerate infrastructure development by freeing up capital – without the corruption and abuses of power that have plagued such projects in the past.
They plan to set up solar-powered Bitland centres that will function as hardware hubs for the Bitland Wireless Network which will double as education centres for locals to learn about digital solutions and how to get involved in the project.
Bitland will use the OpenLedger platform as the basis of their Blockchain infrastructure.
From the article:
“OpenLedger is built on top of the BitShares platform and its MIT-licensed Graphene blockchain technology,” explained Ronny Boesing, CEO of crypto exchange CCEDK – OpenLedger’s Danish registrar.
“BitShares was recently confirmed as a partner with the Microsoft Azure BaaS, and the Bitland project reflects the vast number of opportunities emerging as more mainstream companies realise that this is what they have all been waiting for to maximize income and future communication. As more organisations join the OpenLedger/BitShares platform, you can be sure that this Decentralised Conglomerate will exemplify the future of global economics.”
The company will issue a digital currency called Cadastrals, which will act as the entry token for their Blockchain platform.
“To get through the first year of operations, the team has allotted 20 million Cadastrals to be used in an ICO to establish the first operational Bitland Center,” added Larry Christopher Bates, Bitland’s Chief Security Officer. “The ICO will be hosted by Danish exchange CCEDK, and the funds will be held in escrow on the Openledger platform.”
Plans are the Bitland Fund will collect network fees and any money taken into the main reserve and redistribute them to projects within the Bitland communities, thereby directly funding infrastructure provision, with oversight from the relevant governments.
As the platform is developed into the future, it will add the ability for a voting system to be part of the project which will enable local communities to become directly involved in decision-making.
“The OpenLedger team is very excited to be adding Bitland to the Decentralised Conglomerate,’ continued Boesing. “Now, the infrastructure of the OpenLedger system will grow to include real estate, commercial property investments, and development of third world countries as part of its future plans. As Bitland plans to work with governments around the world to register land titles on the OpenLedger blockchain, the ecosystem will represent not just smart contracts, but smart cities. The OpenLedger platform will help bring transparency to nations where corruption has been the main impedance to progress, and further it will allow remittance and investments to flow into underdeveloped areas without big companies taking a large cut. The Bitland project is about more than registering land titles: this is the first step to bringing true democracy and meritocracy to the world.”
In the end, the company claims people will be able to use their mobile devices to register a plot of land with GPS accuracy, file a claim, register a dispute, sell or purchase land. As OpenLedger also allows smart contracts, the mitigates the trust issue, so that microloans can be issued and government contracts fulfilled on a platform that tracks progress and distributes funds accordingly.
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