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The Possibilities of Fully Deploying Tech in Nigeria’s Real Estate Sector

Global adoption of blockchain technology has already transformed many industries and demonstrated that the rolling tech revolution is irreversible. Yet, despite Nigeria having the highest rate of cryptocurrency ownership globally at 24.2%, most real estate developers and their clients in Nigeria still have a vague understanding of cost-effective and insecurity-proof solutions that blockchain adoption in real estate provides. According to international real estate developer and Executive Director of Uraga Real Estate – Moyo Ogunseinde, there are 5 key features of blockchain technology that herald positive shifts for the real estate industry. According to Ogunseinde, blockchain technology reduces the number of intermediaries involved in negotiation processes and deal closure. Through blockchain, investors can access a peer-to-peer platform to buy and sell fractions of tokenised properties as they see a good deal. Tokenisation unlocks real estate liquidity by standardising property titles and records, as well as increasing the speed of transactions which helps avoid loss of value. Another point Ogunseinde gave is that blockchain ensures the security of deals through end-to-end encryption. And finally, O blockchain digitises paper deals and helps track changes in an immutable ledger that acts as a reliable and privately shared repository of assets for peers.