Land LayBy Ghana launches debut land management blockchain masterclass
In an attempt to consolidate the benefits of the market innovation, Land Layby is adopting Blockchain Technology through its sister Companies - Land LayBy Technologies registered in Australia and Kenya. New technologies, however, come with a hefty price to pay; a price that involves implementation and education of the masses and stakeholders. On Sunday the 20th May 2018, Land LayBy Ghana launched its first series of Blockchain Masterclass that targeted Ghanaians in Accra. The function’s attendance was reassuring, considering the current blockchain technology association with pyramid schemes and bitcoin trading. The team hopes to create awareness of the potential benefits of blockchain technology with regards to solving the trust barrier that currently exists in Ghana and most African countries between the land buyers and sellers. It is hoped that at least one session of the Masterclass will be conducted every 2 to 3 months.
The Masterclass was organised by 5 Ghanaian equity partners - Jeff Opoku, GIS officer; Richard Otoo, a consulting geologist; Sylvester Se-edzi, Sales & Marketing expert; Victoria Aido, data analyst, and Isaac Dzakpata, the Business Development Manager. The Masterclass introduced the technology’s 3 main elements that make it suitable to solve land challenges in Africa and other developing countries. The Masterclass lays a foundation for the Ghanaians to understand how the technology can create affordability of land through the creation of a single source of truth; securing land rights through the immutability functions of the technology and improving the accessibility of land by facilitating access to real-time land transactional data.
Land LayBy Ghana seeks to recruit Ghanaian advocates to participate in the creation of a single source of truth, with a specific aim of mapping out dead capital assets on a register that will unleash the continent’s potential to positively impact the economy. Land LayBy Holdings, and the local Ghanaian partners are currently seeking to recruit entrepreneurs who would like to acquire franchises in Ghana and other parts of Africa. The group seeks to sign up partners in preparation for rapid development and scaling of the solution which has interested the World Bank Group (WBG) Innovation Labs. Speaking with Dr Peter Tole, Chief Innovation Officer & CEO of the Land Layby Holdings, the World Bank Group innovation officer - Flavia Rigamonti communicated the interest in the Land LayBy innovation, specifically because it seeks to create a registry of the informal land information that constitutes trillions of dollars in dead capital.
Land Layby Ghana is the pioneer of “buy- now, pay-tomorrow”, land system in Ghana. The company initially sought to solve land acquisition challenges in Ghana through the use of Land Options. Land Options can be structured as either Call or Call/Put Options. A Call Option grants the buyer the right to buy a property in future at an agreed price, and only pays a fraction of the property’s price in order to lock-in the price for the agreed duration of time. This significantly lowers the buyer’s exposure to risk. The Company is proud to service the land sellers and buyers in Ghana and Ghanaians living in the diaspora. The main agenda is to catalyse trade by eliminating the trust gap between the land sellers & buyers in Ghana. Since the land options are exercised in 2 years, buyers have ample time to conduct due diligence while locking-in the price of the land asset for the same duration hence deriving triple benefits of enjoying any equity that arises during the waiting period; leverage on their investment without paying any lending interests and reducing investment risks since due diligence can be conducted for a period of 2 years before committing to purchase the property.