What is Land LayBy Blockchain?

It is a trusted shared distributed ledger for recording land buying and selling transactions that can never be altered, corrupted, forged or replicated in error. A normal land acquiring process involves:

1. Identification of land interest via a real estate agent or directly through the owner.
2. Assume due diligence on the title deed.
3. Draft and sign a sale agreement.
4. Transfer payments.
5. Registration of transfer.
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Why is it called Land LayBy Blockchain?

A block consist of all details that pertain a certain piece of land which include: History of ownership, Nature of the land and Location. Once a block space is exhausted with transactions, a new block is created. A block consist of all details that pertain a certain piece of land which include: History of ownership, Nature of the land and Location. Once a block space is exhausted with transactions, a new block is created and they are linked together through clever mathematics and cryptography. The result is a linear and chronological order referred to as Blockchain. Each time a block gets completed, a new block is generated. There is a countless number of such blocks in the blockchain. The use of cryptography to secure and chain data in the blocks creates an immutable record that is unchangeable by design.

Land LayBy Blockchain is comprised of 4 fundamental components;

Smart Contracts

This is the business logic or conditions that are necessary for a transaction to happen. When a buyer purchases a block of land, the completion date will require that the buyer and the seller exchange the settlement amount for completion documents.

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Shared Ledger

A shared ledger is a log of transactions in a business network, that is identical for all participants in that network. A buy/sale transaction of land can involve all of the following; a buyer/seller, real estate agency, surveyor, notary and government officials.

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Permission can be applied in the Land LayBy Blockchain, enabling it to show data "for their eyes only" that cannot be shown to other participants in the business network. Land LayBy Blockchain platform facilitates multi levels of permission.

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Data in Land LayBy Blockchain is immutable. The platform offers a security on data and transaction by design.

Why is Land LayBy Blockchain relevant to Real Estate business?

The lack of proper documentation, a lot of transactional middlemen and some corrupt entities have made the process of purchase/sale a dangerous experience. Reports of government officials colluding with owners or real estate agencies to produce fake title deeds and allotment letters are becoming a norm. To avoid loss of money, time and fear of land investment there is an urgent need to have a legally indispensable recording system.

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The Benefits of Land LayBy Blockchain include:

How will Land LayBy's Blockchain revolutionize the Real Estate Industry?

Increase on Speed of transactions
Real estate transactions may involve a multi-disciplinary team, whose red tape prolongs the completion dates of the transactions.
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Curb rampant fraud
Real estate is one of the best ways to make money, unfortunately, the fraudsters are well aware of this fact too.
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Increase transparency
Since the entire transaction will be recorded on the blockchain, any platform user with privilege rights can be able to check and cross-check the documents, transactions and history of ownership.
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Increase investment value by reducing costs

Since Land LayBy Blockchain is powered by smart contracts, most of the fees charged by intermediaries will be done away with, meaning the extra cost will not be passed to the investor. This will allow fair pricing with better and promising returns.

Help create the first Blockchain Land Registry
Land LayBy Blockchain land registry will mirror the records at the Ministry of Lands registry, pioneering and paving ways on how land data should be recorded. Since our platform is comprehensive, it's centripetal design ensures future adoption by other real estate entities including the Ministry itself as a gold standard.
MVP ( Betaversion will be ready by early June 2019)