IBM Working with Ghana’s Administration for Blockchain Purpose
In a bandwagon of partnerships in the blockchain and cryptocurrency industry. IBM is now working with Ghana’s government to develop and strengthen blockchain capabilities for land administration.
Leaders from the Ghanaian Government and IBM signed a Memorandum of Understanding (MoU) at the first US-Ghana Business Forum that was conducted on 5th July. The MoU was meant to formalize an agreement that will work as a major catalyst in improving the land administration system in the African nation Ghana.
The paper-based centralized land record system in Ghana currently is inadequate and Ghanaian citizens are unable to use their property for acquiring funds that they might need to improve their living conditions. The inability to acquire loans is adding to the poverty of the nation. The property has failed to be recognized as collateral by the banks operating in the African nation.
With the help of Blockchain technology, Ghana will be able to modernize the system and build an immutable, computerized and verifiable land registry. The General Manager for IBM Middle East and Africa, Takreem El-Tohamy, detailed that if blockchain is used for land administration purposes, security and transparency will improve, investment and access to capital will increase and frauds will reduce in number.
The blockchain is known for keeping information safe from hackers than traditional computer networks, according to advocates. It also allows documents to be updated and amended electronically without human errors disturbing the records. Blockchain technology is embraced by the government of Ghana through this move and it will also result in developments in the industry.
A few days back, Delaware had entered into a blockchain contract with IBM valued at $7,38,000. IBM, the computing giant, will be developing plans for a new corporate filling system that will be based on blockchain technology.
It is known that IBM will be working with the Ministry of Lands and Natural Resources in order to develop a white paper for the implementation plan.
The agreement marks another global entry for IBM into the blockchain space.
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