Sustainable real estate development using Web3 technology

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Cannelle Maricaux, Founder and CEO, Koolute Investments
Cannelle Maricaux, Founder and CEO, Koolute Investments

Modern urban centres are moving towards smart and efficient design as cities worldwide make a concerted effort to streamline urban planning. A startup named Koolute Investments (Koolute meaning ‘trust’ in Wolof language) targeting West Africa, is bringing these concepts to underdeveloped countries by revolutionising the real estate industry in the region

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Published: Fri 9 Dec 2022, 12:34 PM

Headquartered in Dubai, Koolute Investments uses Web3 and blockchain technology to modernise real estate in Senegal. Operating as a property portal and a technology provider, Koolute is powered by a blockchain solution where verified property data incentivises investment and real estate development in Senegal.

By streamlining accountability and transparency across the property ownership registry, Koolute is setting the sector up for long-term and sustainable development. By providing a technological solution to verify property ownership, Koolute increases efficiency, adds security, reduces fraud, and improves stakeholder participation.

Building Smart Infrastructures

Cannelle Maricaux, Founder and CEO at Koolute Investments, draws inspiration from how Dubai has revolutionised its property data processes to become a truly modern city with smart design.

“The UAE has one of the most advanced blockchain-backed property frameworks. I’m taking my learnings from here and applying them to Senegal. Everyone already knows that blockchain-based applications can drive radical and disruptive innovations. However, blockchain use, especially across property assets, is still limited. By building blockchain-backed infrastructures in Senegal and West Africa, we can establish sustainable, long-term benefits that bring value to all stakeholders,” she said.

Maricaux believes that there’s a stigma of corruption and a lack of trust associated with Africa that keeps foreign investors and even the Senegalese diaspora from investing in the country.

“That’s why, in addition to democratising property information and data, we’re using the Koolute name to bring efficiency, transparency, and security to property systems and infrastructures. It’s the only way to develop collaborative and interactive platforms that allow for real, meaningful and sustainable growth in the long run,” she added.

Sustainability At Its Heart

Operating at the front-end as a traditional real estate portal with listings and information, Koolute’s real vision extends beyond using technology to verify, link, buy and sell property.

“The UN’s sustainable development goals require, at minimum, property infrastructures built on trust, transparency, and accountability for better governance. Wider blockchain use in property can create neutral, non-hierarchical, accessible, non-manipulable, and secure information,” said Maricaux. “Through Koolute, we’re making this data accessible to all stakeholders to facilitate systemised urban development. And when we digitalise processes to make them tamperproof, we enable all stakeholders to operate more efficiently, reduce waste, cut costs, and optimise workflows at every touch point.”

Building Trust

Maricaux believes that blockchain-backed property management increases accessibility and transparency at a time when there is increased pressure on public administrations to make services more open and secure.

“It’s a new way to operate within the property ecosystem,” she said. “Because blockchain replaces outdated paper documentation vulnerable to loss, fraud, and mismanagement with secure digital assets tracked on an immutable ledger, data can operate as a shared source of truth between multiple parties and organisations.”

She also believes that this kind of authentic information is essential to a country’s long-term economic growth and development. Maricaux envisages a future where transparency and accountability through the Koolute name are the benchmarks of good operations in Senegal and the wider Francophone Africa.

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