How you can save lives with Blockchains and Cryptocurrency

Let’s do away with governmental corruption in non profit organisations, and actually start helping people.

How you can save lives with Blockchains and Cryptocurrency 1

It’s always been a question at the back of everyone’s minds exactly where our aid donations go. We know that up to 40% of what goes in doesn’t reach the recipient of aid, recently we’ve had a far more shocking insight into where some of that lost money is going. In light of the Oxfam scandal – sexual misconduct during the relief program following the Haiti disaster in 2010 – it’s become starkly apparent that there is silent corruption within NGOs “non-profit organizations that operate independently of any government”, far more than could have been imagined.

So what’s going to change? How are blockchains and cryptocurrency involved? hiveonline have been working globally to change the way we provide aid. “By using this system NGOs can demonstrate beyond a doubt that their operations are free from corruption and diversion of funds to non-target groups.” Says Sofie Blakstad, CEO. For a time NGOs working within the EU had all funding restricted as a reaction to the scandal, and in response to this, hiveonlines revolutionary structure will ensure that all EU regulations are upheld and full accountability is observed, keeping NGOs non governmental.

At the moment the way money moves through aid organisations is very traditional, which as we all know is not necessarily synonymous with efficiency. There are multiple levels of currency exchange, under regulated distribution of administrative fees, and massive amounts of  governmental corruption. Blockchain, a shared digital ledger in which all cryptocurrency (or other digital asset) transactions are recorded transparently and cannot be changed. can fix this. The introduction of cryptocurrency to the process alongside a public wallet system means that not only are exchange rates etc. avoided, but governmental fraud is impossible. It could revolutionise NGOs as we know them.

But how could a free market system like this possibly be regulated? The contracts for each particular aid relief program will be agreed upon by everyone involved in the chain – from the distributors of medication at one end to the NGO collecting donations at the other. They then set up non-traditional evidence systems so that those that may not be able to be verified using standard methods – i.e. a bank account – won’t be excluded from aid programs and can instead rely on biometrics for an example. And finally large transactions within the chain can be confirmed by crowd sourced evidence – third party verification. Once everyone knows what’s happening, the wallets open to turn your dollar in to cryptocurrency (with a preset value for each of the the campaigns) and away it goes, tracked every step of the way until it’s in the hands of a worker or a local hospital, who can submit their evidence and turn it into local currency.

For a while now cryptocurrency has been a hot subject with the boom in Bitcoin and the attempted introduction of similar “make money quick” copies. However the time has come for blockchain systems to not only benefit 18 year olds with their parents’ credit cards. Instead we can start changing the way we approach aid on a global scale, and save some lives.