BenBen is a team of motivated engineers and innovators dedicated to improving Government Technology in Ghana. We focus on Land & Property Management as we aim to create a reliable land information and transactions system. Coupling the latest in Geomatic Services with Blockchain technology we see ourselves as the pioneers of a new age in land innovation that will bring Ghana to the forefront of land investment and GovTech innovation and serve as a model for the rest of the world.
BenBen is a web, android, and USSD application that interfaces with current and prospective property owners, governments, and financial institutions. Property owners utilize BenBen to search for land information, make payments on their property, manage their property documents, and apply for mortgages. Governments utilize BenBen to digitize their land registries to make the searchable, facilitate electronic land transactions such as a mortgage or title transfer, and collect property payments. Financial institutions utilize BenBen to search property records, manage their own properties, and provide financing to properties. BenBen sees itself as bringing about a revolution in land administration that will have long term global impact. Governments will be able to quickly facilitate land transactions which will generate investment into development in property, sustainable energy, mining, city planning, and beyond. We aim to utilize BenBen to unlock the estimated $20 Trillion of trapped capital globally. These are properties that can not be bought, sold, or collateralized due to the lack of trusted records. Through BenBen's surveying and mapping efforts combined with our property owner users and financial institution partners we will provide visibility to these land parcels to release this trapped capital throughout the world.
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Our team has made significant progress especially during this year of 2016. We have built our solution that is currently being piloted in Accra, Ghana. We have secured a contract with Barclays Bank of Ghana who will be utilizing BenBen for management of their records and land queries. We have signed a letter of intent with the Ghana Lands Commission to build, develop, and launch our land information system and property payments platform. We successfully completed the Barclays & Techstars Accelerator in Cape Town and will be concluding our Gates Foundation research in December 2016. BenBen measures our progress by the number of validated land parcels added onto the BenBen platform in addition to the acquisition of users and corporate licenses. BenBen receives physical land records from the government which we digitize then verify through our survey and mapping team. Once these are confirmed they become searchable and live on the BenBen platform. We currently have approximately 2,000 searchable properties. Furthermore, we work to add property owners onto the platform who then confirm their records are current, providing another confirmation. As BenBen aims to tackle trapped capital through the issuance of mortgages we measure progress based on the addition of financial institutions onto the platform which we currently have one; Barclays Bank of Ghana.
Our short-term needs are mapping and satellite imagery partners which we are quickly adding to the BenBen team as we aim to provide parcel data, satellite imagery, and street maps for the areas we operate. Furthermore, we are seeking consultant and advisors that can help us ensure that our pilots are successful specifically in regards to forming a public-private-partnership with the Ghana Government and experience in scaling a solution.
Our medium-term needs are further developers to increase the capabilities of our platform. We will also be seeking additional funding to scale BenBen and will be seeking further corporate partners such as banks, real estate firms, and energy infrastructure investors.
Our long-term needs are connections and partners that can bring BenBen beyond Ghana to other governments that can benefit from our digital land registry and payments platform. We aim to work with legal experts, global organizations, and complimentary companies that can assist in bringing the BenBen solution worldwide.