In December 2015, a start-up company Aid: Tech, with the partner Irish Red Cross, had piloted a cash-transferring program using block-chain technology in Lebanon aimed at Syrian refugees. In the pilot project, 100 refugees were given digital debit cards loaded with $20 and the cards were only accepted at the camp store. The results were amazing: All cards were redeemed and 20 attempts at fraud were prevented. In addition, Irish Red Cross was able to monitor all the transactions in real time. The block chain technology is becoming increasingly popular among the NGOs for transferring money as the transaction cost reduces from 3.5% to merely 1%, saving millions of dollars.
Nice to see implementation of a blockchain for a good purpose
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