Blockchain technology to combat fraudulent activities on landed properties in Nigeria: A review

Abstract

Nigeria can significantly benefit from integrating blockchain technology to combat fraudulent transactions on landed properties. Blockchain technology advent can proffer solutions in the land management system in Nigeria due to its high potentials, like the immutability property, its capability to keep track of chain of transaction history which helps against forgery and double sales, also its decentralized properties which makes blockchain technology very accessible at any time anywhere without intermediaries who commonly exploit and defraud investors, with the maximum security and easier access of assets in marketing, has flaunt blockchain technology as a transparent and efficient tool which can bring law, order and tranquillity into the sector of land management which cannot be provided by a just digital system of land properties management. These research reviewed the eminent potentials of blockchain that can restored sanity and trust in landed properties management. Nigeria vast land gift can be harnessed for economic growth in which a very good investment strategy can be factor-out, be it in agriculture, real estate development, entertainment site and so on. However, these potential are unharnessed and undermined due to fraudulent activities that affects the sector both in the private and public sector which the resultant effect is on the economy of the nation. This paper detailed the potentials and a way forward to actualizes a free land management sector from fraud, communal and individual disputes using blockchain technology.