ILAPI lauds Cardano Rent dApp as a tool to fight poverty

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affordable housing
affordable housing
Spining

Mr Peter Bismark, Director of the Institute for Liberty and Policy Innovation (ILAPI) has noted that in the wake of blockchain, many have been sceptical of its use and the potential to create transparent and accountable platforms that allow users to use decentralized solutions to enhance trust.

He, therefore, lauded the Cardano Blockchain Technology and said it was one of the robust technologies that use a proof-of-stake algorithm to build systems of trust was the.

He hinted that the Cardano Rent dApp for accommodation and apartments was being championed by a group of computer developers and private sector research consultants to curb the challenges associated with looking out for accommodation and apartments for rent.

The dApp on the blockchain, he noted, would be a verification using the process of ATALA Prism for homeowners and accommodation seekers in a decentralized manner.

He added that it will eliminate scammers and the exorbitant accommodation agent fees to make housing more affordable for all classes of individuals.

Mr Bismark who was speaking in an interview with Newsghana noted that the huge housing deficit and poverty in the country have caused many more Ghanaians to seek accommodation and other apartments to put their heads in.

According to him, the Ghana Statistical Service (GSS) puts the housing deficit at 1.8 million, adding that most Ghanaians are not able to build their own apartment because of the numerous land litigation issues which have not been resolved over the years coupled with the high cost of land, difficulty in land registrations and the high cost of building materials.

He noted that there were Ghanaians with jobs but with meagre salaries sustaining them for feeding and buying basic needs.

He further noted that there were other groups also who have the means to build but cannot due to the endless land litigation issues.

“With this, most turn to renting apartments to live in while waiting for interventions to secure their lands. In the cause of searching and hunting for the best and most affordable accommodation, there also exist uncountable challenges”, he stressed.

He indicated that such web of challenges in the Real Estate sector of searching for accommodation and apartments has also brought in scammers and middlemen charging exorbitant fees sometimes called “Agent Fees”, raising the cost of renting and loss of money and resources.

Meanwhile, he stated that such challenges have persisted for decades without the institutions making inroads to avert the situation.

He bemoaned that, “the most painful thing is when you have the money for accommodation but securing the best accommodation of your choice without high prices, due to agent fees. Another is the presence of scammers showing pictures of apartments as if they are the homeowners to entice individuals on the online platforms who are searching for accommodations.”

Mr Bismark contended that the Tonaton.com was created to make it easier for individuals to search for advertised apartments by homeowners, but eventually led to more scammers joining the portal and offering services that discredited the platform, leading to the sale of it due to inefficiency and lack of KYC’s.

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