Friday, July 30, 2021
Home Crypto News Market LTO Network Works With The United Nations on Land Registry In Afghanistan

LTO Network Works With The United Nations on Land Registry In Afghanistan

- Advertisement -

LTO Networks writes on their blog that they are opening a blockchain land registry together with two United Nations Working Groups this month.

Starting in Afghanistan

The United Nations Office of Communication and Information Technologies (UNICT) and the United Nations Habitat (UN-Habitat) agreed in September 2019 to create a blockchain framework. This would support a digital land registry known as the goLandRegistry. The first country to deploy this project is Afghanistan. 

Under the terms of the agreement, the two UN entities cooperated with LTO Network, a hybrid blockchain for securing, verifying, and exchanging information. In this case of land rights, LTO Network’s blockchain technology is used for the Application, Registration, and documentation of property in Afghan municipalities.

The goLandRegistry blockchain solution aims to maintain accurate ownership data for the 2.8 million land parcels in Afghanistan, each recorded separately using LTO Network technology. Landowners can then demonstrate the authenticity of the document through the open-source blockchain verification tool. 

Although the initiative is good for Afghans facing land ownership problems and land robbery, Forbes Magazine says the impact is questionable. They write that the land ownership of Afghanistan should be seen as a geopolitical struggle. Some municipalities are controlled by the government, the Taliban, or disputes between both parties. 

This is why Forbes has low expectations of the goLandRegistry initiative. Without enough stability in a country, it will be challenging to enforce a blockchain standard for land registration in developing countries.

Forbes concludes that the problem certainly does not lie with the technology developed, but with such an initiative’s timing. Significantly when large land areas are disputed and not controlled by the Afghan government, goLandRegistry can’t much help with strategic urban planning, municipal finances and improve citizens’ representation.

Rick Schmitz, the CEO of LTO Network, is far more positive than Forbes.

We believe that the future for cadastres lies in hybrid blockchain solutions that allow an optimized and decentralized exchange of data between stakeholders in the cadastral process, without the need for expensive IT revisions, simply by linking APIs. LTO Network will enter the Defi realm with the introduction of microfinance as our next step in this important project. Land purchase made possible by microfinance, based on the LTO Network. With this project, we propose a more accessible and transparent way of land ownership.

LTO Networks expects other developing countries to join the pilot by 2021.

The dollar exchange rate of the LTO network responds positively to this news. The currency has gone up 18% on Binance in the last 24 hours.

Read Also:

- Advertisement -
Mark Brennan
Mark is 27, holds a Master degree in Business Administration, and works as a content Creator at TheCryptoBasic mostly on Crypto Market Updates. Since 2014 he has been active in the crypto sector. Thanks to the Business College in which other than Business subjects, he was taught about the disruptive potential of Blockchain. His interests include Blockchain technology and Crypto Market innovations. He also founded a small startup in which he gives lectures on cryptocurrencies.


Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

Michael Saylor “Bitcoin Is Digital Real Estate And Is Now Held By More Than 114 Million People, Making It The Most Widely Held Financial...

Microstrategy CEO Michael Saylor always shows that he is a faithful supporter of Bitcoin. Microstrategy currently holds 105,085 BTC. Michael Saylor is among the...

Bitpay Adds Support For Litecoin And Newegg Becomes The First Merchant To Accept LTC Through Bitpay

BitPay, the world’s largest provider of Bitcoin and cryptocurrency payment services, today announced support for Litecoin in the BitPay Wallet app. Consumers can buy, store and...

Yoroi Wallet To Release Dapp Connector That Will Allow Interactions Between Users And Dapps On Cardano Blockchain

Cardano (ADA) smart contracts are coming soon and so is its infrastructure advancing. window.coinzilla_display = window.coinzilla_display ||...

Ethernity Chain to Drop NFT of NAS’s Performance in South Africa on the 20th Anniversary of the end of Apartheid

Johannesburg, South Africa, 29th July, 2021, Ethernity Chain is proud to announce another unique NFT collection is coming to its ecosystem. This aNFT (Authenticated...

Wall Street Bitcoin Adoption Continues As State Street The Second-Oldest Continually Operating United States Bank To Offer Crypto Services

State Street Corporation, an American financial services and bank holding company, headquartered in Boston with operations all over the globe to Offer Crypto Services...

57,000 Bitcoin Left Crypto Exchanges In 24 Hours Showing Bullish Sentiments Along With 465,000 Bitcoins Transferred Between Coinbase And Unknown Wallets

BTC saw the largest outflow of funds in one day from crypto exchanges. Nearly 57,000 bitcoins were left crypto exchanges.  ...

According To PayPal CEO, Paypal Crypto Super App Is Code Complete And Will Launch Soon

PayPal, World Top payment provider company, has stated that its users will not need to wait longer for great crypto functionalities app coming soon.

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.

follow us in feedly