The decentralized block chain technology has been a major disruptive technological force since its invention. Even though Bitcoin’s price is at its lowest since it highest peak months ago, its underlying technology has grown to be a one of the most sought after by various industries. And innovations around the distributed ledger technology have continued to find use in many sectors.
However, in Africa, until now there has been more talk than action about what the technology could help organizations and governments achieve in finance, law and governance, procurement, housing and other areas of the economy. In real estate, the continent has continued to face challenges in areas such as affordable housing and real estate transparency.
One organization though, has thrown its weight behind finding a block chain based solution for affordable housing. HouseAfrica, has pioneered a block chain platform that claims to provide international and local investors with access to the African property markets.
The Nairobi based startup say the platform will be powered by HAF crypto token to enable ease of transactions. Using the technology, user data will be protected and referenced at anytime and anywhere on the block chain.
While the acquisition of properties using virtual currencies like Bitcoin or Ethereum still seems an improbable concept, commercial real estate may be about to adopt peer-to-peer cryptographic transactions. Some believe this is inevitable in the medium term.
The firm which has pilots in Kenya, Nigeria and South Africa say they are ‘recycling shipping containers into a beautiful and affordable homes for low-income earners in Kenya. HouseAfrica is building 270 Units of the House for the first phase in Kakamega, 288 km from Nairobi.’ They have also been building 3D Print houses in Lagos, Nigeria and South Africa.
HouseAfrica say their buildings will be tokenized so that users can buy properties with HAF tokens at the end of the building project. The start-up is also planning on selling the tokens beginning in December 2018, with one of the tokens going for $0.025.
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