7.2 C
Manchester
September 25, 2020
Image default
Bitcoin

The European Commission has donated $ 1.1 million to a charity to develop a blockchain-based project Blocksats

The Irish charity organization Oxfam Ireland has received a grant of € 1 million (around $ 1,124 million) from the European Commission to develop a block-chain pilot project that will help victims of global disasters thanks to blockchain technology.

Blockchain helps

As reported on Friday local media – Irish Times, as part of a project called “UnBlocked Cash”, Oxfam will be a partner of the French start-pu – Sempo, which will use blockchain technology to effectively provide assistance to victims of global disasters.

Caroline Reid, communications coordinator at Oxfam Ireland, commented on the project:

“Innovation UnBlocked Cash places people affected by the disaster and their community at the center of the decision-making process related to their cash benefits and creates the global challenge of directly connecting institutions and individuals.”

Reid added that this initiative enables both small and large suppliers and recipients to participate in a ‘local community-based economic recovery ecosystem’ that would ultimately stimulate various segments of the global economy.

According to the report, the initiative was developed in such a way that program beneficiaries receive intelligent vouchers that can be used to buy goods from local sellers.

The program will be extended to other areas

The project, which is based on the Ethereum block chain, is already in the second trial phase and has so far served over 5,000 customers and 100 local suppliers.

Since the start of the first test phase, the duration and costs of providing assistance have been significantly reduced by 96% and 60% respectively.

Oxfam pointed out that thanks to the grant, the program will be extended to other large Pacific regions and possibly to Sub-Saharan Africa and the Caribbean. The organization will thus examine how the initiative can alleviate the problems of vulnerable groups.

Oxfam Ireland is one of the six beneficiaries of the European Innovation Council (EIC) award. In total, it amounted to EUR 5 million (approximately USD 5.6 million) and was awarded under the “Blockchains for Social Good” program.

The board received 176 applications from various companies related to blockchain, and at the same time instructed participants to develop scalable, transparent and highly influential solutions based on blockchain that could be used to solve social problems.

In the meantime, the United Nations Children’s Fund (UNICEF) has launched a trust fund called the “cryptocurrency trust fund” to create open-source technology for children and young people around the world.

Related posts

There are still many opponents of cryptocurrencies among the Russian authorities |

Aparnna Hajirnis

Comedian Jim Jefferies publicly admitted that he bought 1 BTC | Blocksats

Aparnna Hajirnis

Halving BTC may turn out to be a disappointment – says one of the “whales” – Blocksats

Aparnna Hajirnis

Leave a Comment