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The European Commission invested € 1 million in charity on the blockchain
Previously, the project has already reduced delivery times by 96% and operating costs by 60%.
Blockchain startup built on Ethereum.
This is not the first time that blockchain has been used to solve problems amid the coronavirus crisis..
Blockchain philanthropy is expected to enable more effective global aid delivery.
European Commission invested € 1 million in blockchain startup for charity from Oxfam Ireland.
This is reported by The Irish Times, citing a representative from Oxfam.
Under the raised grant, Oxfam has partnered with Australian start-up Sempo to create a blockchain platform to help globally..
Using blockchain technology, Oxfam Ireland hopes to improve charity logistics by making it more transparent and resilient to sudden incidents..
So far, a project called Unblocked Cash is undergoing phase two testing in Vanuatu, a Pacific nation in Melanesia, with over 5,000 people and 100 vendors involved..
New grant from the European Commission will allow Oxfam to scale the program across the Pacific region to test how effective blockchain is in meeting the needs of vulnerable populations.
The project was created on the Ethereum blockchain and is supported by ConsenSys.
Preliminary estimates indicate that Unblocked Cash was able to cut aid delivery times by 96% and cut operating costs by 60% over previous forms of charity logistics improvement..
The benefits from the introduction of blockchain technologies were also noticed in China, where regional authorities used the technology to issue “consumer vouchers” as part of assistance to victims of the COVID-19 pandemic..
The measure was developed within the framework of mass support for citizens who have suffered the most from the consequences of the coronavirus crisis.
However, the inflow of investments in the blockchain sector this year will not be as large as it might seem..
According to IDC report, due to the pandemic, the costs of blockchain solutions will decrease everywhere.
Global spending on blockchain should exceed $ 4.3 billion by the end of 2020.
This is 57.7% higher than in 2019 ($ 2.7 billion), but 7.7% lower than forecasts announced before the pandemic.