AWARD YEAR
2019
CATEGORY
Community
GOALS
Innovative Financial System
KEYWORDS
blockchain, decentralization, land registry
COUNTRY
Ghana
DESIGNED BY
Daniel Bloch and Emmanuel Noah
WEBSITE
http://www.benben.com.gh/
BenBen
Blockchain Powered Land Registry in Ghana with BenBen
BenBen is building a land registry in Ghana to help lock in property rights for citizens.
Land records are stored in a centralized database with no additional benefits other than being a paper registry. It is virtually impossible to collateralize property rights in Ghana because the paper registry system is unenforceable in court. Because of unenforceability, banks won’t accept land as collateral. This situation leaves millions without the possibility of leveraging their property to get loans and rely on the rule of law for protection?—?continuing the ongoing cycle of poverty for much of the population.
BenBen is creating a top-of-stack land registry and verification platform for financial institutions. This platform captures transactions and verifies the data. BenBen works with financial institutions to update current registries, enable smart transactions and distribute private keys for clients?—?to allow an automated and trusted property transactions between all parties.