• Sat, 07 Dec 2019, 03:59 AM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

Oxfam tests crypto initiatives to prevent misuse of disaster relief funds

Cryptocurrency.sulayman360/Pixabay

Sun, 23 Jun 2019, 14:09 pm UTC

There have been several cases over the past few years that proved how unstable the distribution of disaster relief funds can be when not managed properly. To this end, non-profit Oxfam is working on a new project intended to use blockchain and cryptocurrency to address this concern. A test was recently conducted to see the effectiveness of such measures when providing disaster relief using Dai and Ethereum.

The project is the result of a partnership that involves Oxfam, tech firm Sempo, and ConsenSys, which will handle the blockchain aspect of the initiative, Cointelegraph reports. Together, they launched “UnBlocked Cash,” which is intended to place money directly in the hands of the victims of disasters.

Using 200 residents in the country of Vanuatu, participants were given smartphones and Dai coins worth $50. The stable coin is using Ethereum credit and the goal is to make sure that the money that is being sent to them will actually be received by the right people. Nick Williams, co-founder of Sempo proudly noted that this project was a first of its kind.

“For the first time ever, thanks to the use of a stablecoin, we now have end-to-end transparency, ensuring that the people who receive funds are the ones that need it. It’s a game changer for Oxfam that ultimately makes our work easier and more effective,” Williams said.

On top of the transparency that this project could entail, it also offers the advantage of response speed, Coindesk notes. The traditional method of receiving aid from donors involved too many red tapes and hurdles. Using cryptocurrency and blockchain removed many of these obstacles so that the money being sent to the victims of disasters will actually arrive when they need it. Instead of taking weeks or even months, disaster relief could arrive in days or even hours.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $7,551.59 (+1.36%)
  • Ethereum (ETH) $149.18 (+0.08%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $213.57 (-0.21%)
  • Litecoin (LTC) $45.63 (+0.87%)
  • Bitcoin (BTC) $7,551.59 (+1.36%)
Dec 6, 2019 (Friday)
13:25
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
13:24
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:19
Crypto Technicals: LTC/USD extends sideways, finds strong support at 42.45 (Trendline)
11:18
South Korean consortium to provide blockchain-based ID services via mobile app in 2020
10:31
Crypto Technicals: BCH/USD intraday bias turns slightly bullish, scope for test of 20-DMA (220.99)
10:00
Bitfury launches enterprise blockchain platform ‘Exonum Enterprise’
08:44
CULedger reveals an EFT payment solution for credit unions in collaboration with R3, Luxoft
07:37
Reserve Bank of India governor against the development of private digital currencies
07:34
Ripple asks court to dismiss XRP securities lawsuit in latest filing ahead of court meeting
07:30
Crypto Technicals: ETH/USD struggles to extend recovery, finds stiff resistance at 200H MA at 149.77
05:47
Blockchain firm Figure Technologies hits $1.2B valuation after closing $103M Series C round
05:03
Blockchain firm ChromaWay acquires Antler Interactive after setting up its gaming arm Chroma Studios
04:42
Galaxy Digital-backed Flipside Crypto hires Accenture Managing Director Matt Bridges as COO
04:23
Crypto Technicals: BTC/USD rangebound in the Asian session, struggles at 200H MA
03:56
Canadian mining firm goes belly up; Owes local, federal government hundreds of thousands
03:54
New crypto derivatives trading platform Phemex can manage 300,000 TPS, says core developer
03:51
Microsoft creates blockchain-based incentive scheme with Enjin to recognize active members of Azure community
Dec 5, 2019 (Thursday)
13:09
Dunamu’s crypto subsidiary DXM partners with Ledger to launch custody service for institutional clients
11:28
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
11:28
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft