Homelessness is one of the most pressing issues in the UK, and the government is falling short of its goal of providing a home for all of its citizens. Estimates show that an additional 150,000 homes need to be built each year to accommodate all the homeless people across the country. Despite the recent boom of the rental market, rental prices have increased considerably, forcing a lot of people to live with their parents or live on the streets.
When you take a closer look at how the government spends money, there seems to be a disproportionate amount of money allocated on national defense which amounts to 45 billion this year. This is equivalent to 2.4% of the GDP. In comparison, the government spends 3% of the GDP on housing. While there hasn’t been any major war in 70 years, the powers that be continue to allocate a ton of resources on national defense which could be better off invested in social issues such as homelessness.
As a result, the rate of homelessness has increased over the past few years. Many people are left with no choice but to live off of their cars and caravans. Homeless people are often frowned upon, yet many of them simply haven’t had the opportunity to stand on their own feet. This is exactly what many cryptocurrency developers are trying to address. By introducing a decentralized property market in the country, the boom and bust system may finally come to an end.
It’s important to understand that this concept doesn’t focus on turning early investors into cryptocurrency million years. Although there has been an increase in the number of users of trading software such as Bitcoin Code, particularly among university students and millennial’s, the primary goal is to create a decentralized and sustainable property market that will offer an equal opportunity for everyone to own or rent a home at affordable prices.
ThaneCoin is one example of a cryptocurrency project that aims to address homelessness in the UK. With their vast experience in the construction industry, the company sets out to purchase land and build affordable housing for homeless people in the country. They plan on introducing a rent to buy scheme where people with little money on hand can get their hands on newly built properties.
The company will create a system that fosters risk-proof ownership of properties. This will be made possible by the decentralized property market and the introduction of their own cryptocurrency exchange in which the members can use the coin as a payment medium. Prepaid cards will be given to turn the coins into fiat and then stored. With lower transaction fees compared to other payment processors, they hope that investors will enjoy higher cost savings and enable them to gather enough funds for their new home.
At this point, it is clear that blockchain technology can transform any industry, including real estate. This is only one example of how big blockchain is, and if everything falls into place, it’s only a matter of time before homeless people can get access to new rental properties which they have been waiting from the government all along