85 Threads

Our project would seek to solve the financial disparity in real-estate ventures for BIPOC communities. By eliminating wealth inequality gaps that stem from lack of equity or availability to financial support. 

On a grand scale, our solution would be a tech based application that would allow retail investors to fund mortgages, business loans, or other assets based on criteria set by smart contracts executed on a designated blockchain.

Our solution would grant fair and unrequited access to funds to those normally disenfranchised or overlooked but would meet certain qualifying criteria otherwise. Allowing for underserved individuals and communities to participate in wealth acquisition and a fair economy. It would also solve in some cases, land and deed disputes.  The technology could also be integrated into other applications that may require verification of ownership and or could be expanded to explore equality in employment, safety, and health. 

Generational wealth opportunities for BIPOC communities by establishing a true merit based financial system that allows access to assets that would otherwise be unavailable due to bias in the financial sector. 

Racial disparity in homeownership accounts for a wealth gap and inequality in fair housing of approximately 30-40% in the United States according to the most recent US Census Report on Homeownership By Race.

BIPOC communities are in certain cases denied or placed into unfavorable lending situations in the current financial market. This can be translated on a global scale wherever discriminatory practices take place. More research is needed for accuracy in regards to global statistics.

In the US, There are approximately 50 million BIPOC currently and this issue affects nearly 20 million individuals across the United States alone. 

Certain factors that contribute to this issue include racism, wealth inequality, economic and wealth building education, access to fair housing, unfair housing laws, bias in the workplace, lower wages, predatory lending and bias in the housing markets. 

Our solution allows individuals that have suffered or have been victims of systematic racism to circumvent that very system. Allowing retail investors the opportunity to make low risk long term investments into individuals seeking to fulfill their hopes and aspirations. This platform would expand to cover multiple different types of assets in its long term goals from Real-Estate at its inception and expanding onwards to include Automotive Financing, Business Loans, Equipment Financing, and other forms of asset classes based on market need. This system would remove the prejudice of individuals and present them with the facts of the Borrower that directly relate to the request such as their ethnicity, gender, nationality, etc. 

In our ever evolving world, blockchain technology is a secure medium that allows users to generate financial agreements already via smart contracts, however the space is still very broad and open to the development of more practical solutions. 

Our target population will be the underserved and minority populations. Home ownership directly effects wealth and the wealth of generations that can cause a vicious loop of poverty. As a person of color, I have my own experiences and the experiences of family accounted for.  I have discovered and experienced the effects of this particular issue and in many cases have worked to undo and correct the lack of education to address this issue personally as well as for those close to me.  

The application solution resolves immediate bias.  Ongoing education and awareness over time may help to eliminate the disparity.

Wealth Inequality is a state of affairs that is as amorphous and changing as the words we use to describe it. Its not a set of rules that people can change, it's a behavior engrained within a populace that utilizes the rules in place in order to carry out these biases. Creating this dApp removes these biases by restricting enough of the personal information of the borrower from retail investors that these biases do not have the chance to be triggered.

We are a start-up in the research and development phase for concepts like the solution we are submitting for consideration.