Enhancing Property Security through Blockchain Technology for Sustainable Development

01.03.2025

Sir Emmanuel Muthomi Muchui, a dedicated Accounting Specialist and finalist at Dedan Kimathi University of Technology, has authored an insightful research paper titled "Enhancing Property Security through Blockchain Technology for Sustainable Development." This paper delves into the transformative potential of blockchain technology in revolutionizing property ownership, fraud prevention, and economic empowerment, particularly in developing nations.

The core of Muchui's research is anchored in the pressing need to address the systemic failures prevalent in traditional property ownership systems. He highlights that these systems, often plagued by fraud, corruption, and inefficient record-keeping, are a major hindrance to economic growth and financial stability. Drawing from credible sources such as the National Crime Research Centre and the Ethics and Anti-Corruption Commission, Muchui substantiates his claims with alarming statistics: 63.3% of land disputes in Kenya involve boundary interference, and a staggering 7.8% of Kenya's GDP is lost annually due to fraudulent land transactions.

Muchui introduces Veridom, a blockchain-powered platform, as a solution to these challenges. By leveraging blockchain's immutable, decentralized ledger, Veridom ensures tamper-proof property ownership records, thereby preventing fraud and corruption. The platform also incorporates smart contracts to automate transactions and machine learning for real-time fraud detection. Muchui's research further demonstrates that for every 1% increase in blockchain adoption, fraud cases decline by 0.15%, transparency improves by 0.92 points, and loan approvals increase by 0.46%.

In addition to enhancing security and transparency, Muchui's paper underscores blockchain's potential in generating employment. With 1.7 million Kenyan youth classified as NEET, the adoption of blockchain technology in property management could open up new avenues for job creation. The research indicates that employment in blockchain-related fields grows by 0.58% for every 1% rise in adoption.

Muchui's research is grounded in established theoretical frameworks such as the Institutional Theory, the Technology Acceptance Model, and the Property Rights Theory. These theories provide a comprehensive understanding of the drivers and barriers to blockchain adoption in property management. The paper also draws on empirical studies from countries like Ghana and India, which have successfully implemented blockchain-based land registries.

In conclusion, Muchui's research paper makes a compelling case for the adoption of blockchain technology in property management. It not only promises to enhance security and transparency but also to foster economic growth and create employment opportunities. His work is a significant contribution to the discourse on leveraging technology for sustainable development.