This post originally appeared on Prof. Constantin Gurdgiev’s True Economics Blog
So it is now official: AID:tech (https://aid.technology/) is one of 11 companies selected for the Techstars 2016 programme:http://www.techstars.com/content/accelerators/announcing-11-companies-summer-2016-techstars-london-class/
AID:tech is the largest blockchain player in the market for providing payments facilitation, data collection and analytics; and assets / supply chain management company for international NGOs and State organisations providing aid and social welfare supports around the world. The company has fully-developed, field-tested suite of solutions allowing it to assist NGOs and governments in:
- Reducing risk of fraud in international aid and social welfare payments by digitalising their payments processes;
- Transmit a payment to the end recipient of aid, instantaneously verifying identity of the recipient, receipt of funds, and confirming the use of funds in the case of aid-related purchases
- Substantially (by a factor of up to 3 times) reduce the cost currently charged by less secure platforms that generally offer lower degree of tractability of transactions.
Today there is a lack of transparency and accountability in the distribution of funds by NGO’s and governments.
Of the $360bn transferred each year by NGO’s, only $90bn is currently delivered via transparent systems and these systems are extremely expensive to administer. By utilising private blockchain technology, AID:tech enables all international aid to be accounted for, including the distribution of assets such as medicine, food and other essentials. The platform also offers add-ons such as smart contracts and instant micro-insurance, as well as advanced data analytics that help organisations to better plan and execute aid deliveries.
AID:tech is finalist in the Irish Times Innovation Awards (http://www.irishtimes.com/business/irish-times-innovation-awards-finalists-original-thinkers-from-all-sectors-1.2663210 andhttp://trueeconomics.blogspot.ie/2016/05/30516-aidtech-through-to-irish-times.html) and is shortlisted for the ‘Best Humanitarian Tech Startup’ for The Europas European Tech Startup Awardshttps://aid.technology/aidtech-shortlisted-for-the-europas-european-tech-startup-award/.
Disclosure: I am very proud of being involved with the company as an adviser and shareholder.