As far as government programs in Kenya go, a number of them have been plagued with thefts and corruption. In a bid to restore the public’s faith in the government, it’s turning to distributed ledger technology (DLT). The government is planning to build 500,000 new homes for Kenyans who earn less than 100,000 Kenyan Shillings ($990) a year. Unfortunately, only 3.4% of the population earns more than the threshold, so DLT is vital in this project to ensure that people with friends in high places aren’t bumped up the queue.
DLT to Help the Needy
DLT will be used in this Kenyan housing project to ensure that new housing goes to those most in need and that nobody skips the queue or any money is stolen from the project. Affordable housing is becoming a key issue in Kenya, so if the government manages to pull this $550 million project off, then its chances of remaining in power are significantly higher. Currently, people cannot afford mortgages or rent in the country, and housing is now an alarming problem.
DLT Shaping Industries
DLT is changing the way industries work and it’s even carving out entirely new industries as it evolves. Huge companies are slowly integrating DLT into their operations and reaping the benefits. Walmart is using DLT in order to track produce back to its origin in seconds rather than days and Sony is using DLT to track and manage digital asset rights across its platforms. DLT’s true potential knows no bounds and is continuing to shape the world.
Invest in Firms Using DLT
Investors now have a quick and easy way to invest in firms that are using DLT. First Block Capital has launched the world’s first DLT ETF. It focuses on investing in firms that have used DLT to improve their operations and become more efficient. It differs from traditional tech funds, as it includes a host of firms that are in different sectors. First Block Capital is pioneering the investment side of DLT and this new ETF will give firms and governments more reason to get on board with the new technology.
Microsoft Making IDs Easier
Microsoft is also beginning to use DLT, but for a slightly different purpose. It’s planning to make a DLT network that holds digital IDs. Under its new system, web users can simply log into their Microsoft account and the know your customer process will automatically be completed. It has the ability to revolutionize the way humans interact with the world.
The Kenyan government is continuing to explore the advantages of DLT and is coming up with more use cases every day. Fringe countries like Kenya are vital in the global push to make DLT and blockchain more mainstream. If Kenya can successfully complete this DLT project, it will set a global standard for housing initiatives.
