In line with a recent news published by a local media ’Star,’ within thereasonablehousing programthe Kenyan govt.reportedly aimsto create500,000 units by the year 2022, and assist contributors earningbelow 100,000 Kenyan Shillings or $992 USD asthey can’tafford mortgages.Adding further the news stated, out ofthe 2.48 Mln Kenyan’semployed in 2016solely 3.1%attainedover Sh100,000.
The Star reports that blockchain technologywould beaccustomedto ensure thecorrectdistribution of housing to the deserving participantswithin theprogram and addressproblems withgraft fromeachlegislators and beneficiaries.
As per the report,the govt.hopes that the new technologywould be used to ensure publicwithin thegovt.’s housing initiatives, following the National Youth Service scandal,during whichfortycivil servants andfourteenprivate sectorofficerswerein remissionforpillaging$78 Mln from the project’s coffers.
Speaking at the second urban dialogue on thereasonablehousing agenda withthe WorldBank inNairobi, Housingand Urbandevelopment Principal Secretary Charles Hinga said:
“Kenyawoulduse blockchain technologyto confirmthe rightfulhouse ownerslive in thegovernmentfunded housingprojects.”
The project reportedly issupportedby the National Housing Fundbeneaththe Finance Act of 2018, tothatKenyan’scancontribute1.5%of theirremunerationwhich willbe matched by their employers.
This is notthe primaryattempt touseblockchain inKenyaon the governmental level. Recently, Kenyan Distributed Ledgers andAItask force chairman Bitange Ndemoaforementionedthatthe govt ought tocontemplatetokenizing the economy tohandle“increasing” rates of corruption and uncertainties. This move,consistent withNdemo, would let the govtprint lesshard cash.
Even Earlier in June, “decentralized liquidity network” Bancor in partnership with non-profit foundation GrassrootsEconomicslaunched a network of blockchain-based community currencies inKenyageared towardcombatingimpoverishment. The project seeks to stimulatenativeand regional commerce and peer-to-peer activity byfacultativeKenyan communitiesto makeand manage their own digital tokens.
While blockchain- and token-basedcomesarebeingenforcedwithin thecountry, theCentral Bankof Kenya [CBK] iscautioustoward cryptocurrencies. In April, the CBK issued a circularto all thebankswithin thecountry, warning them againstaddressingcryptos orsupporting transactions related to crypto entities.