Humanitarian aid agencies are using blockchain technology as a unique opportunity to provide the best possible assistance to vulnerable people around the world. Despite the fact that crypto currencies and blockchain cannot prevent world hunger on their own, they have the potential to go a long way towards helping those in need.
Blockchain platforms are much more than a system to transfer money. They provide a new option for refugees to pay for food without needing an intermediary such as a bank. In fact, there are some systems in places where refugees are paying local retailers through biometric eye scans. All activities are documented on the blockchain and it sidesteps the need for paper money, debit cards, coupons or vouchers, all of which can be lost or stolen.
In fact, in Amman, Jordan over 10,000 people in Azraq refugee camps can now pay for food and other necessities through entitlements recorded on a blockchain-based computing platform. The system is expected to benefit over 100,000 refugees very shortly. The goal is to provide refugees with more privacy and higher security.
Banks have until now, used blockchain for international cash transfers. It is a way of organizing data through a collection of information loaded nodes shared among many people and places. The ability to record transactions in a secure environment allows for quicker transactions and at the same time reduces opportunity for data mismanagement and fraud. It allows for two parties to transact directly, eliminating the need for a third party intermediary like a bank or trust company.
In the case of refuges, blockchain has many advantages for the people receiving and delivering the aid. The benefits to agencies providing aid include improved efficiency, better accountability and a reduction of risks and costs in delivering the aid. The benefits for beneficiaries include, faster access to food and reduced instances of theft or fraud.
It appears that decentralized blockchain technology is not only a mechanism for transferring money and limited to big business or financial institutions. It also has very practical applications to help benefit organizations like hunger relief. Solutions like blockchain provide for cost savings, making more money available to help those who need it most.
Another benefit of securely digitalizing refugee identification, should be a reduction in the violence within refuge camps that frequently occurs when, physical money or vouchers are available to be stolen. So as blockchain continues to develop and becomes mainstream in business, government and society, it should continue to increasingly benefit both the providers of relief and the people in need around the world.
The above report is compiled by the GLITZKOIN team. We realize the benefits of blockchain to modernize the global diamond industry. The ability to decentralize the marketplace for the global diamond trade, will reduce cost associated with intermediaries and create a win-win scenario for both buyers and sellers of diamonds. We are poised to develop and deploy an advanced platform that will support global diamond trade. This platform which will be configured on the Stellar blockchain, will also implement a GLITZKOIN crypto currency.