In what can be described as a giant leap for adoption of blockchain and crypto currency globally, the United Nations International Children Emergency Fund (UNICEF) has started a futuristic project that aims to use the blockchain and cryptocurrency to raise money for Syrian children. The UNICEF has recruited gamers to mine Ethereum for this project. Previously, the World Food Program has used Ethereum to deliver nearly $1.4 million in food vouchers for Syrian refugees in Jordan.
The news comes just days after the World Bank dubbed the Bitcoin and cryptocurrency in general a ponzi scheme and a bubble that had burst, as crypto currency plunged on a downward spiral with no signs of recovery.
But now that the UNICEF has taken a step towards adopting blockchain and cryptocurrency as means for a noble cause, this highlights some of the biggest advantages crypto has in the future.
Why?
According to the UNICEF, the project is part of a larger effort to find uses for the blockchain tech associated with cryptocurrency to revolutionize how aid organizations raise money, and also to increase transparency in their financial transactions.
Although crypto does not have a good name for itself as of now, this development suggests the growing potential for such forms of currency in a complex world where humanitarian requirements are higher than ever and a huge inflow of cash is needed. By making use of the blockchain and Ethereum (the second largest cryptocurrency after Bitcoin), it helps generate funds and move funds quickly. These will help reduce the 30% of UN aid budgets lost to corruption by eliminating middlemen in some of the most corrupt and war-torn countries in the world, to building online identity portfolios for refugees and bringing all aspects of aid and healthcare under one record.
Previously, The World Food Programme (WFP) has used Ethereum to deliver $1.4m in food vouchers, via the use of iris recognition scanners in camp supermarkets, to around 10,000 Syrian refugees in Jordan. The WFP plans to expand this scheme to tenfold in four camps. WFP has already made savings from no longer paying financial servicing firms as middlemen, which typically incurs a charge of around 3.5%.
Currently, the UNICEF project is still in its infancy. About 900 euros, or 795 British Pounds worth of Ethereum has been mined so far. But this, as the UNICEF puts it, is just the tip of the iceberg.
Implications?
I am no expert on cryptocurrency and blockchain, but I am happy to know that globally known organizations are tuning towards cryptocurrencies for causes that are bigger than what any one can think of. To know that cryptocurrency is being used for such causes is a fact that can help the crypto world in a big way and in the long run. It can help remove some of the stigma against such currencies and hopefully, pave the way for more adoption of such game changing and innovative technologies for a better future.
What do you think of this latest development? Let me know your thoughts and ideas about this in the comments below.
If you liked this post, please upvote, comment and resteem/share. You can check some of my other posts on my blog via the links below:
Blockchain for Dummies - Learn all about the blockchain!
The mistakes I've made in my 20s - Lessons I've learned in the third decade of my life
Remembering the videogames of my childhood - Roadrash, NFS, and more!
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Article Source : The Guardian
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