About lAND LAYBY
LAND LAYBY Listing is a distributed ledger for recording land and conveyance data that can never be altered, corrupted, forged or replicated in error. A block consists of all details about a certain piece of land. Once a block space is exhausted with transactions, a new block is created and they are linked together through 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 are 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 Listing on blockchain will contain up to date information about a particular land asset. This makes LLL an independent verification listing and where appropriate a mirror of what was and is reflected in the Ministry of Land registry hence speeding up the process of decision-making in cases where land is the core component of development.
|Token Sale||500,000,000 HRBE|
|Token Price||0.7 USD|
|Token Supply||1,000,000,000 HRBE|
|Hard Cap||500,000,000 HRBE|
|Accepting||ETH, BTC, LTC, BCH, DASH, XRP, ZEC|
|Whitepaper||Click Here For View Whitepaper|
|Website||Click Here For Visit ICO Homepage|
Land Ownership, Registry, and Conveyance
Land ownership in the world is a major source of competition affecting social, political, and economic prospects. In most African societies, it is the most important of the natural resources, representing the foundation of much of the continent’s economic activity. In Kenya, the purchase of a plot of land represents the largest financial and legal transaction of one’s lifetime. It is a key component of the Kenyan economy fed by an increasing middle-income population and a rise in remittances. The number of times a piece of land exchanges ownership is increasing as more people can afford to buy land. In the aftermath of the 2007/8 post-election crisis, landowners found it difficult to prove land ownership. More transactions are carried out in the land registries and corroborated with the independent land registry units rendering the existing manual registration system ineffective and unprepared for a future pegged on an exponential an increase of activity in land utilization.
There are two central registries in Kenya where all information related to land can be found: the land registry in Nairobi (also called the Inland Registry) and the Coast Registry. Historically, most of the lands were owned and governed by community leaders under customary tenure systems. During the post-colonial era, we inherited the land registry system adopted by the British in East Africa. The Kenyan government asserted direct claims over community lands, resulting in a situation of overlapping claims to lands extending across the country. Political and social turmoil responsible for displacing masses from their lands has created fertile grounds for corruption and the highest form of disorganized land registries. To address the underlying land ownership issues, the Ministry of Lands took steps to digitize land records, but at a snail’s pace, and with minimal social or economic impact to the bottom of the pyramid.
Most land investors encounter the challenge of securing reliable information about the land they are interested in without having a local presence. This challenge discourages investors and leads them to consider other options perceived as easier and more reliable. It is an issue when political upheaval prevents investors from gaining valuable information from the current land registry system because the government is overthrown, or the administrative offices are closed, or worse, destroyed in a war. The lack of information and transparency around land and property rights adversely influences the financial mobility and ownership transfer required to realize the full economic potential of the land. Lenders are less likely inclined to securitize mortgages against unverified land to provide capital for entrepreneurial ventures.
Corruption has taken root in the land registry system where land investors face situations of bribery and extortion, reliance on basic services that have been undermined by the misappropriation of land, and confront official indifference when seeking redress from authorities on the take. Understandably, corruption is a human element that extends to the systems we create. In some cases, corruptive practices interwoven in the system have become part and parcel of the social structure that most people have accepted it as a fact of life in day-to-day business. There are numerous examples of people who have had to pay a bit extra to expedite their paperwork or to facilitate a winning bid for a plot of land. According to the Transparency International’s Corruption Index, lower-ranked countries on their corruption index are plagued by untrustworthy and dysfunctional public institutions. In cases where anti-corruption laws are present, they are often not upheld in practice. It should be noted that corruption is not only a Kenyan problem, it is a global issue. Each nation has a level of corruption.
The huge trust gap associated with a land purchase in the developing world continually discourages migrants from investing back home. Most migrants have lost money to their friends, relatives, siblings and sometimes their own parents. The lack of credible networks for migrants leads to higher transaction fees. The geographical barrier impedes enforcement of the legal contracts in instances of fraud and breach of contract. Most of the time, there is no proven system to facilitate due diligence, and after transfer of ownership, other issues arise, for example, in the form of squatter menace. Edelman points out that the implications of the global trust crisis are deep and wide-ranging. Trust proves to be difficult to earn and very easy to lose across institutions of government, business, media and non-governmental organizations (NGOs).
The issue of dead capital is ubiquitous in the informal sector of developing nations. Hernando de Soto described dead capital as an asset that cannot easily be bought, sold, valued, or used as an investment. Land that is not listed in any formalized registry cannot be used formally for economic development and those who own unregistered land are unaware of the potential they are holding on to while they continue to suffer. In some instances, there are people who are afraid that ancestors will curse those who sell land to outsiders, stigmatizing both the registry and sale of land for economic benefit. Dead capital is one of the clearest forms of poverty. People living in Kibera and Mathare slums possess far more capital than anyone realizes, their assets are not represented in such a way as to make them more marketable.
Financial inclusion is a global issue that refers to all initiatives that make formal financial services available, accessible and affordable to all segments of the population. An estimated 2 billion people globally, do not have a basic account (World Bank, 2017). Financial services are not affordable or designed to fit low-income users. Many live a considerable distance from financial service providers or lack proper documentation to open accounts in a system that fails to inspire trust. About 200 million formal and informal micro, small and medium-sized enterprises (MSMEs) in emerging economies lack adequate financing to thrive and grow due to a lack of collateral and credit history, and business informality. Market imperfections determine the extent to which people can borrow to invest in capital (A. Demirgüç-Kunt, 2008). Information asymmetry renders the market inefficient because many cannot access crucial decision-making information. It leads to issues of adverse selection, moral hazard, and information monopoly. The transaction costs tend to be lofty and are captured in the final price of the product. These are costs that can be reduced through financial inclusion.
Peter Tole – FOUNDER AND CHIEF INNOVATION OFFICER
Phyllis Tole – CO-FOUNDER AND CHIEF FINANCIAL OFFICER
Victor Asoyo – BUSINESS ADVISOR AND FOUNDING DIRECTOR
David Njuguna – BUSINESS COMPLIANCE ADVISOR
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