Blockchain-based organization Bitland launched their official ICO crowdfunding campaign with Danish CCEDK and decentralized cryptocurrency exchange, OpenLedger in order to address the unregistered land issue in West Africa.
According to the official release, presently up to 78% of land in Ghana stands to be unregistered and corruptions in the country have created significant obstacles to economic development. The Bitland team has been working towards developments and the operation is scheduled for an official opening in Kumasi, Ghana this October.
“Bringing clarity to land ownership rights will not only reduce corruption but will also open up trillions of dollars in locked capital since land that does not have a functional title cannot be used as capital. And, securing a mortgage to build or purchase homes is not possible," Ronny Boesing, CEO of CCEDK and OpenLedger said.
Bitland has already begun collaborative projects in 28 communities in order to develop synergistic infrastructures and programmes that are addressing community needs and fostering educational initiatives.
“Bitland is not only involved in land title registration. We have many other elements to our development project. We are actively preparing to pilot various facets of this program in different regions,” Chris Bates, CEO of Bitland mentioned.
Bitland Global’s first official ICO is going live and the company’s token ‘Cadastral’ is available for purchase through Bitland, CCEDK and OpenLedger website. The Cadastral token is a form of a coin that will help in Bitland projects and is designed to store land title transactions on its blockchain, the CCEDK website stated.
Bitland is planning to expand to Nigeria in January next year in collaboration with ERP Systems Coordinator at the OPEC Fund for International Development (OFID).
