Save cost 98% by using Ethereum Blockchain for a Refugee Camp

in #blockchain7 years ago (edited)

MIT Tech. Review: Inside the Jordan refugee camp that runs on blockchain - https://www.technologyreview.com/s/610806/inside-the-jordan-refugee-camp-that-runs-on-blockchain/

Building Blocks was born of a need to save money. The WFP helps feed 80 million people around the globe, but since 2009 the organization has shifted from delivering food to transferring money to people who need food. This approach could feed more people, improve local economies, and increase transparency. But it also introduces a notable point of inefficiency: working with local or regional banks. For the WFP, which transferred over $1.3 billion in such benefits in 2017 (about 30 percent of its total aid), transaction and other fees are money that could have gone to millions of meals. Early results of the blockchain program touted a 98 percent reduction in such fees.

This is something we really wanted to see as an obvious change through blockchain technology. Amazing!