Innovations in Kenya’s property market have taken a leap forward after real estate firm Land Layby Group (LLG) introduced blockchain technology to curb fraud in commercial transactions.
Founder and Chief Innovation Officer Peter Tole (pictured) exuded confidence the technology will eliminate brokers and double ownership of land which has dogged the industry for decades. The firm launched its financial technology into the Kenyan market recently and will run like a private land registry which allows investors to purchase property in a secure way.
“It is a trusted shared distributed ledger for recording land buying and selling transactions that can never be altered, corrupted, forged or replicated in error,” Tole said.
Using the platform, he said, the buyer will identify land they want to purchase via a real estate agent or directly through the owner.