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Kenyan Government To Use Blockchain In Housing Program

15:05 16/10/2018

The Kenyan Cabinet of Ministers proposes to use blockchain in the implementation of affordable housing construction programs for citizens of the country, The Star reports.

 

The program is designed for the period up to 2022 and provides for the construction of 500,000 housing units. It is aimed at supporting citizens whose income doesn’t exceed one hundred thousand shillings (about $1000), and who don’t have the opportunity to take a housing mortgage loan. According to statistics, salaries of only 3% out of two and a half million working inhabitants of the country exceeded one hundred thousand shillings in 2016.

 

Blockchain will be used to transparently and properly distribute houses so that all parties involved have no doubt about the fairness of the program.

 

Officials expressed the hope that innovative technology will restore public confidence in the initiatives of the authorities in the field of housing construction. The trust was lost after a loud criminal case connected with the National Youth Service of the country when more than 50 officials were arrested for stealing $78 million from the budget.

 

Kenya uses innovation to ensure that those in need can live in their own houses, built on the initiative of the government, Charles Hinga, the representative of the country's housing agency, stated. The National Housing Fund finances the project. Program participants will contribute 1.5% of their salary to the project.

 

As previously reported, Bitange Ndemo, head of the Kenyan task force for the development of innovation, urged the authorities to tokenize the country's economy to overcome corruption.

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