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Kenya

Kenyan Government To Use Blockchain For Affordable Housing Project

ยท in Crypto News
Basil has three years of freelance experience writing on disruptive technologies. He focuses on breaking news and education pieces; helping to spread the gospel of Blockchain. He hopes to have his own blockchain company one day; helping the world through its innovative ledger technology. https://twitter.com/basil_kimathi

According to local news outlet the Star, the Kenyan government will deploy use of blockchain technology to help manage a government housing project. It’s part of an initiative of the affordable housing project that will see the government build 500,000 units by 2022.

The affordable housing program aims to assist contributors that earn less than $992 (100,000) Kenya shillings a month as they cannot afford a mortgage. According to the newspaper, out of the 2.48 million Kenyans employed by 2016, only 77,000 or 3.1 percent were earning over KSH 100,000.

Blockchain Will Help Ensure Proper Distribution of Housing

The report says that the blockchain technology will be used by the government to ensure that there is proper distribution of housing to deserving participants in the program. It will also help address issues of graft among legislators and beneficiaries.

According to the report, the Kenyan government hopes the technology will help reestablish public trust in the government’s housing initiatives.  Especially after the National Youth Service scandal where 54 individuals were arrested after looting $78 million from the project. Those detained included 40 civil servants and 14 private sector officials.

Charles Hinga the Housing and Urban Development Principal Secretary while speaking at the second urban dialogue on affordable housing agenda with the World Bank said:

“Kenya will use blockchain technology to ensure the rightful owners live in government-funded housing projects.”

The report also reveals that the National Housing Fund will finance the project under the Finance Act of 2018. Kenyans will contribute 1.5 percent of their salary, an amount that will be matched by their employers.

The latest development isn’t the first time Kenya has tried to employ the blockchain on a government level. Recently, Bitange Ndemo, the chairman of the Kenya Distributed Ledgers and Artificial Intelligence task force said that the government should consider tokenizing the economy.

According to him, this would help deal with increasing rates of corruption and uncertainties. In turn, this move would have the government print less hard currency.

Also in June, Bancor in partnership with Grassroots Economics launched a network of DLT-based community currencies in Kenya. They are aimed at combating poverty in the country.

Basil has three years of freelance experience writing on disruptive technologies. He focuses on breaking news and education pieces; helping to spread the gospel of Blockchain. He hopes to have his own blockchain company one day; helping the world through its innovative ledger technology.

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