Seso and the Power of Blockchain

The OECD has featured Seso Global, Africa’s most trusted property marketplace, in a recent report exploring the benefits of blockchain for emerging economies. This research served as the basis for the OECD Development Cooperation Working Paper 95, and was driven by the question: 

“To what extent can blockchain help development co-operation actors meet agenda 2023?”

Seso was one of 4 global Blockchain projects featured in the OECD report as proven examples of the successful integration of blockchain technology in development activities.

Indeed, from the rapid growth of cryptocurrencies like Bitcoin, to the increased applications in diverse industries like, Medicine, Insurance and Real Estate, it is evident that blockchain technology has global impact and is here to stay. It’s no surprise that both professionals and casual enthusiasts around the world are making significant efforts to understand what blockchain is and how it can be used practically. 

Blockchain is a system of recording information in a way that makes it difficult or impossible to change or hack. A blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain. Each block in the chain contains a number of transactions, and every time a new transaction occurs on the blockchain, a record of that transaction is added to every participant’s ledger. The decentralised database managed by multiple participants is known as Distributed Ledger Technology (DLT). Though there are a number of different DLT’s, blockchain is arguably the most popular. 

Additionally, the OECD report identified the development applications of blockchain under three distinct categories: 

(i) empowerment 

(ii) economic development and 

(iii) improving infrastructure and services. 

The availability of immutable registries built with Blockchain Technology has the potential to positively transform the real estate industries in emerging African markets by increasing transparency and security. For instance, in  Ghana, an overwhelming 80% of land market activity remains unknown and uncaptured. Where tenure is documented, registration is often completed through centralised, paper-based processes, which are cumbersome and rife with corruption.

Notably, Seso Global can be described as a ‘one-stop shop property portal’, powered by blockchain technology. Daniel Bloch, co-founder and CEO explained further saying:

“Seso Global’s mission is to facilitate secure real estate transactions for our customers and develop trusted Blockchain secured land registries. Our platform allows extensive due diligence to be done on land to ensure that the ownership is clear. Citizens are able to buy and sell properties through the platform while connecting to verified serviced providers who can provide assistance during the purchase of these trusted properties. Our aim is to formalize land registries through trusted transactions.”

In addition to enhancing financial transparency, Seso Global’s real estate market place also allows for financial inclusion. Financial inclusion refers to a combination of efforts that seek to lower the cost of entry into formal financial services such as banking, remittances, and land transactions. 

Daniel Bloch stated, “The cost of doing business is expensive, especially in the emerging economies. Our aim at Seso is to reduce the cost of performing land transactions and paying for services which will allow greater participation in the market.” This mission was realized in 2019 when Seso Global Partnered with the The Centre for Affordable Housing Finance in Africa (CAHF) and research consultancy 71point4 to develop South Africa’s first blockchain-based property register. The pilot area consisted of about 1,000 properties located in four sites in Cape Town. This property registration process had two major benefits. Firstly because of the enhanced trust and due diligence, properties could be sold for much more than before when they were undersold through informal channels. Additionally the city of Cape Town was able to build a more accurate and comprehensive record of property ownership in the area.  

Ultimately, Blockchain Technology enables Seso Global to create a secured end-to-end property purchasing experience along the entire real-estate value chain.  Interested property developers and buyers can access the Seso Global marketplace through the official channels below.

Visit the marketplace

Get in touch: info@seso.global