Kenyan Government Introduces Block Chain for Housing Supply

The Kenyan government is planning to introduce block-chain technology to manage 500,000-household government housing projects.

The Kenyan government plans to build an estimated 500,000 homes by 2022 and provide affordable housing programs to support people who can not afford mortgage loans below 100,000 Kenyan shillings. As of the end of 2016, only 3.1 percent of Kenyan workers received more than 100,000 shillings out of the 2.48 million employed population.

The block-chain technology will be used to distribute housing evenly among the program participants to address corruption. The Kenyan government is trying to rebuild trust in the government housing program with a block chain. In Kenya, a few years ago, 40 civil servants and 14 civilians were arrested on charges of imprisoning US $ 78 million in project funding.

At a World Bank event in Nairobi, Kenya, Charles Hinga, Minister of Housing and Urban Development in Kenya, said the Kenyan government would use block-chain technology to allow legitimate owners to buy government-funded housing projects. ”

The project will finance the National Housing Fund in accordance with the Financial Law this year. For more information, please click here .