South Africa Uses Blockchain to Register Houses

Asia Blockchain Review
November 16, 2019

South Africa has piloted the first-ever blockchain-powered property registration project for government-subsidized housing. The pilot creates immutable records of homeownership.

Jointly developed by the Affordable Housing Finance in Africa (CAHF), research consultancy 71point4 and Seso Global, the pilot project will register 1,000 subsidized houses in Cape Town provided by the government-run Reconstruction and Development Program (RDP). Ownership of the houses will be stored on a blockchain-based deed registry system developed by Seso.

Blockchain-enabled Registry Helps Residents Mortgage Their Houses

Around three million houses have been constructed by South African governments, but many of them have not yet registered. These unregistered properties deprive the government of tax revenue while making it impossible for the property owner to apply for mortgages.

The government worked with 71point4 to decide who owns the houses by hiring volunteers to identify the occupants and their papers, going door to door. The collected data is stored on Seso’s system, which is part of the government’s efforts to utilize blockchain for the deeds registry in South Africa.

“Property owners will record these transactions at the Transaction Support Centre, a walk-in housing advice office created by CAHF and 71point4 located in the area. But over time, we will record transactions through the Seso app,” said Daniel Bloch, CEO of Seso Global.

Secure, Immutable Data on Blockchain System

The blockchain-powered system can prevent fraud, as records are visible to both the house owners and the government. Ensuring the security and immutability of data, the system allows for easy updating of information when ownership changes hands. The government then verifies such information on the system.

Mortgage service providers can also verify ownership of properties on the system, further decreasing the chances of fraud and falsification.

Source: www.cryptonewsz.com


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

Related Article
Credits, Alibaba Cloud Launch Blockchain Solutions to Solve Logistics Issues
Alibaba Cloud and the Credits platform have collaborated to launch blockchain-based solutions for th...

December 13, 2019

Japanese Regulators Approve Lastroots Crypto Exchange
Two years after Japanese lawmakers legalized cryptocurrency as a means of payment, regulators have a...

December 13, 2019

Central Bank of Sri Lanka to Build Blockchain-Powered KYC System
The Central Bank of Sri Lanka has disclosed it is looking for a blockchain company to develop a know...

December 12, 2019

WWF & UnionBank to Develop Blockchain for Philippine Anglers
The World Wide Fund for Nature (WWF) Philippines and UnionBank are working together to develop a blo...

December 12, 2019

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us