WORLD MAP
Disrupting emerging markets with blockchain A DISTRIBUTED LEDGER TECHNOLOGY COMPANY WITH AN OPERATIONAL BASE IN NIGERIA AND SIERRA LEONE HAS DETAILED ITS RECENT PURSUITS IN AFRICA. A booming population like Africa (1.2 billion people) is in dire need of efficient systems to keep track of moving freight. Without the appropriate checks in place, what can you do if shipments disappear without a trace? At the forefront of this global concern, Domineum, headquartered in London, UK, was established to assist governments and companies with blockchain integration. In addition to conducting research and development in the US, it also saw an opportunity in the Nigerian market to modernise land and property registration. Poor official recordkeeping means the continent is rife with land-grabbers, which will only be exacerbated by shortages in food and fuel. There are reportedly more than 80 million landowners in Nigeria who lack property ownership certificates. If someone isn’t legally recognised as the owner of a patch of land, it makes sense that it cannot
Blockchain tech is transforming Africa’s economy.
To even get started with blockchain, there needs to be a base level of administration to work with. This is where Domineum comes in because this company aims to harness blockchain-based technology to issue cost-effective and reliable ownership titles to millions of tribal property owners to connect them to a modern economic system.
be legally disputed. And what if a heavy
in because this company aims to harness
platforms and smart boundary and contract
vehicle traverses a particular region and
blockchain-based technology to issue cost-
analysis using proprietary algorithms.
went missing? Naturally, your first port of
effective and reliable ownership titles to
Domineum is ultimately targeting the
call would be the authorities who would
millions of tribal property owners to connect
governments of Africa to embrace its
then reach out to those on the ground but
them to a modern economic system.
technology. It managed to secure a five-year
without any certainty of who owns what this
The company is striving to deliver Blockchain
plan (2018-2023) with Sierra Leone, which
task would be relatively fruitless. Where’s the accountability?
as a Service (Baas) and Software as a Service
was supported by the World Bank Group,
(SaaS) to increase overall efficiency of the
to improve efficiencies with moving goods
For the African economy, disruption to the
real estate services sector for businesses, land
across its border as well as reduce trade costs
supply chain, according to Domieum, hampers
departments and government agencies.
by 10 per cent. Three months into the plan,
the growth of agriculture and other sectors
This registry system was implemented in Abia
Sierra Leone implemented the company’s
because land is lost to other parties or taken
State, Nigeria, to ensure the distribution and
cargo tracking system. From 2019 to 2021,
by force by the government during conflict.
immutable storage of real estate documents,
Domineum claims it has captured $2 million
To even get started with blockchain, there
advanced query functionality on land and real
needs to be a base level of administration to
estate, high precision boundary mapping and
in revenue that would’ve been lost. This business to government process appears to
work with. This is where Domineum comes
real estate cataloguing services, anti-fraud
be win, win.
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Trailer Magazine OCTOBER 21
