Lagos is preparing to overhaul its land registry by implementing blockchain technology, known for its robust security and transparency-an initiative that reflects a growing trend throughout Africa.
The digital ledger, which serves as the foundation for cryptocurrencies like Bitcoin, is set to become the backbone of land ownership in Africa's largest city, ensuring that every transaction is both tamper-proof and fully traceable.
An ambitious upgrade is being spearheaded by a consortium of local technology firms in collaboration with the Lagos State government, with a phased rollout planned over the next 18 months.
A key component of this upgrade is the tokenization of real estate properties, which will transform physical assets into digital representations on the blockchain.
Innovation Village reported that these "digital twins" will capture essential information such as ownership details, title deeds, and a comprehensive transaction history.
