In the past few weeks, the internet was abuzz with the new development in major social media on username verification. Taking a leaf from Twitter’s model, Facebook has decided username verification will be priced on defined intervals, preferably monthly.
According to Meta, the subscription service allows users to verify accounts with a government ID, whereas in the last few years this took a different approach – while it was not paid for, it only allowed a few elite the chance to be blue-ticked. Indeed, all implications determine that a dawn of paid social media services might just be emerging sooner than we expected. The idea of paid subscription for verification seems underhanded at a first thought but looking at the security implications to the users, one cannot but recognize its value.
It is astounding how much technology is not only limited to user flexibility and freedom but can be responsible for security in the global community if adopted strategically. Imagine the great possibilities of transparency verification technology could incorporate in the hitherto, jagged land system in Nigeria. It is no longer news that the land system is riddled with fraudsters who are always on the prowl to exploit the desperation of prospective land buyers seeking to secure a profitable investment or comfortable property for relocation.
According to statistics in a 2018 report by Nigerian Institution of Estate and Valuers, Nigerian land buyers have been estimated to have lost over 200 Million naira to fraudsters on a yearly basis. A lot of Nigerians both in-country and abroad have fallen victims in the process of buying property at home. This is because of the lack of reliable means of verification that will enable interested land buyers to identify the wheats from the chaffs.
Now, how do we marry the concept of land verification with the aid of technology? It is super simple. If familiar with the Nigerian Land Verification procedure, one could bear witness the high handed bureaucracy and frustration. Here is how it goes:
- Buyers can start by conducting a background check at the Lagos State Land Registry.
- The next is to verify the location of the land in question using the coordinates from the survey plan. This is to determine whether or not the land is under government acquisition and whether or not the land’s survey plan is genuine.
- For buyers purchasing an asset by a company, a background check at the Corporate Affairs Commission (CAC) follows after.
- Buyers also conduct a search at the probate registry to determine whether probate has been granted on any estate; who the estate’s administrators are; or who the executors of a testator are in the case of properties belonging to the estate of a deceased.
- Where the proposed land to be sold is owned by a single individual, it is critical to conduct a traditional search. This is accomplished by investigating the vendor’s family to identify the principal members of the family, as well as the community in the town where the land is located, particularly if the land is subject to family or community ownership.
Yes, we now all agree it’s the worst for interested land buyers especially in the comfort-loving Millennial and Gen Zs. With technology, do you know you can have all these processes shrunk into a single product? Here is your thought right now, “Is this real or a wild bamboozle?”, absolutely not. The solution is right in the engineering of Sytemap.
Sytemap is a solution-based real estate product aimed at driving transparency for land buyers against fraudsters leveraging blockchain and mapping technology. One of the most advantageous features of Sytemap is its land verification process. Through this platform, land buyers can confirm the authenticity of land titles . Buyers can also check information like the land status and charting reports. What is most fascinating about this process is that, in dealing with the issue of double land allocations, buyers are entitled to receive a digital certificate of Allocation to validate their purchase.
The great news is that it does not stop at land verification, Sytemap also entails the following features:
For land buyers, the product helps to reduce the risk of fraudulent activities and duplicate allocations by issuing digital certificates of allocation. Buyers can Select the most suitable payment plan either installment or outright through a unique bank account number for easy transactions.
Leveraging blockchain and NFT, plots purchased on our website generate a legally recognized certificate of allocation issued by real estate developers for the transfer of ownership to buyers.
From the standpoint of the estate developer, the products provide a myriad of tools that digitize payment plans and automate agent commission payouts in minutes, easily manage allocations and reservations across multiple estate projects online and digitize estate layouts, to help potential buyers to select a plot and pay from their phones.
To get started on Sytemap, click here.