• June 29, 2017

FastCompany.com – How Blockchains Could Revolutionize International Aid

FastCompany.com – How Blockchains Could Revolutionize International Aid

FastCompany.com – How Blockchains Could Revolutionize International Aid 1024 432 Aid.Technology

We are delighted to share our AID:Tech feature on FastCompany.com – How Blockchains Could Revolutionize International Aid. Have a look here to read the article. https://www.fastcompany.com/40423714/how-blockchains-could-revolutionize-international-aid

AID:Tech brings social and financial inclusion to the world’s underserved population through Digital Identity powered by the Blockchain. Blockchain gives humanitarian organisations the ability to sidestep costly middlemen, to access and verify critical information, and to track the flow of funds and resources from donation through to delivery. It also gives people – beneficiaries and donors alike – the ability to know where their resources are going, and to have faith in the system.

“Transparency is really needed in aid and welfare payments because there’s not a functioning system that works globally,” Joseph Thompson, CEO AID:Tech

Also from the article:

…AID:Tech works with aid groups like the Irish Red Cross and the Society of St. Vincent de Paul, one of Ireland’s most venerable charities. First, its clients go on the platform and create digital identities for beneficiaries. Then they assign assets (e.g. food or money) in the blockchain record and generate plastic vouchers with QR codes, which they distribute to recipients. Once scanned with a phone, these vouchers entitle the person to whatever is in their blockchain account, and the charity can see when the entitlement has been transferred (say, when the user buys something at a designated store). Based on how much users buy at that store, the aid group can settle the account with the merchant. Crucially, no cash is generated in the transaction, reducing opportunities for waste or theft.

“As money goes down through the supply chain, our clients are hoping it gets to the beneficiary, but they can’t measure it, and you can’t manage what you can’t measure,” says Thompson.