From the Nasdaq article: Four Ways the Blockchain Will Make the World a Better Place.
AID:Tech is developing a transparent digital identify recording system based on blockchain technology that ensures that aid reaches the right recipients by recording refugees identifies, health records and welfare payments. The blockchain is an ideal technology to securely store sensitive data and to alleviate the chance of misappropriation of funds.
We are a small step towards addressing the world’s humanitarian problems, which can now be solved using the blockchain. From donor to recipient – a system where there are no walls – only transparent distribution from point A to B.
We are proud of our commitment to our transparent and scalable AID:Tech Digital ID blockchain solution. There is demand amongst the world’s undocumented and unbanked, as well as for those on the move (though displacement or migration), to have access to aid.
Currently, up to 30 percent of all aid financing made available by international donors to emerging economies and developing countries is lost either due to supply chain inefficiencies or corruption and theft. The AID:Tech blockchain powered Digital ID platform can help reduce these losses closer to nil. This solution also allows users to transparently avail of services such as electronic cash, peer to peer donations, remittances, micro-insurance, micro-pensions and social services.
Each transaction is fully traceable and every computer on the decentralised network has a copy of the transaction. This means that the same transaction can never happen twice. By using the blockchain securely, we compile, cross-reference and verify multiple data sources, events and transactions can validate an individual’s identity when traditional proofs of identity are missing.
Please find the link to the article here.