The rise of Bitcoin is changing commerce as we know it. Through cryptocurrencies, consumers or companies are given an alternative way to pay for assets, items and services. Not long after, Blockchain has been repurposed and outfitted across the industries of healthcare, insurance, real estate and logistics. Blockchain is seen as the next evolution of business systems that are powered by IT.
Through Blockchain, processes such as contract enactment, enrollment and data storage is being transformed into self-sufficient, self-enabling and seamless where actor dependencies are almost non-existent.
When we refocus Blockchain into payment systems without cryptocurrency, we get a payment system that will no longer be dependent on a third party intermediary such as credit card payment gateways and payment providers. Instead, through Blockchain, we are getting a direct client to client type of payment where you can send a friend money as payment, without the need for a central clearance permission, usually from a monetary entity.
Blockchain for Humanitarian Mobilization
Aside from commerce and retail, Blockchain’s capabilities for faster money transfer, has been utilized by programs such as UN World Food Program (WFP) to send financial aid to organizations that are supporting Syrian Refugees. In the essential programs for humanitarian aid, the ability to shed costs and improve aid mobilization is a welcome one in order to respond better to real time needs.
Traditional money being transferred as funds is difficult to track once they are liquidated. For digital currencies that are based on monetary asset value and are exchanged across the digital ledger system, each transaction from the base exchange that is attributed to a buyer is tracked –all the way to its transmission to recipients such as non-profit organizations and towards individuals.
By having the capability to track transactions, Blockchain for the mobilization of humanitarian aid is increasing the system’s ecosystem trust through transparency. While Blockchain makes transactions public, it does not necessarily mean that the donors and beneficiaries are are bared public. With Blockchain, transactions are transparent while donor information and recipient can remain undisclosed due to privacy concerns. That capability to make private personal information helps build the trust of donors while maintaining integrity of the remittance process.
Future of Blockchain in Humanitarian
With the rise of Blockchain platforms that are designed for remittance processing and aid mobilization, more non-profit organizations and humanitarian programs will utilize Blockchain to better facilitate their humanitarian work.
The world is changing fast and for humanitarian aid to be in a better position to deliver aid, they must utilize technology that bridges more than technical difficulties, but also builds trust and security.
DynaQuest values its humanitarian outreach and is beginning to explore Blockchain solutions for education and humanitarian programs.
DynaQuest Technology Services
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