Time Magazine has featured blockchain startup Bitland on the recent list of ‘50 Most Genius Companies’. After asking its global network of correspondent to submit nominations for startups with immeasurable contributions to inventing the future evaluated based on originality, influence, success, and ambitions, Time deemed Bitalnd fit for a place on the prestigious list.
However, with the companies being listed in alphabetical order, it is difficult to pinpoint the position of the blockchain startup.
Bitland; an Emerging Blockchain Startup
Bitland is a notable startup in the emerging sector of blockchain technology as it has made a name for itself. Being the first firm to use blockchain to develop a land registry, the company has now been classified in the Time Magazine’s “50 Most Genius Companies” list.
The Startup which is headed by Ghanaian resident, Narigamba Mwinsuubo, is using blockchain network to facilitate immutable public records of land ownership across countries. The International Monetary Funds (IMF) recently estimated that 90 percent of the land in Ghana is unregistered which might leave victims whose property has been stolen with no legal remedy.
The firm is collaborating with the government officials to ensure that once a land possession is verified by Bitland’s operatives designated to this course, the ownership documentation is done s such a way it cannot be altered retroactively.
Tokenization Makes Assets Tradable
Bitland didn’t get to become a considerable genius by simply registering lands only, as the company has gone a notch higher to the extent of creating a cryptographic token which represents the land using colored tokens on the Bitcoin blockchain. Its tokenization will make it possible for assets like land to be used as a tradable instrument.
According to Bitland’s official website, the Startup has also created an initiative of smart contract governing purchase, lease and rental of assets which can be executed automatically for escrow accounts, wills, shareholders and savings accounts. The resource rights, which are being protected by land right includes water, shared sewages, shared wells, community land, mining, shared cattle as we as other resources.
The firm also created titles on the blockchain using GPS coordinates, a mapping system, PGP keys, and time-stamping services.
The firm, no doubts, deserves to be in the Time Magazine’s “50 Most Genius Companies” list owing to the futuristic approach and the ability of the company to think within the box, think outside the box and ultimate think without the box. The company which operates in seven African nations and India has immense support for the Native American communities in the US.