If you already suspect that Blockchain is a mystical fairy dust that has the solution to everything then the news we are about to give you is going to strengthen your belief in this theory for sure, as in July 2018 a new born baby was put on the blockchain.
Irish AID:Tech and Dutch PharmAccess recently united to create a blockchain technology platform that would lead to fair and trackable charity distributions. The idea to utilize blockchain technology to monitor the financial aid and support to needy women efficiently initially materialized in order to make charities and donations fraud free. This is also going to make the process of getting healthcare for vulnerable women way easier.
The ideology behind the formation of AID:Tech
To tackle the prevalent and significant problem of lack of transparency in the delivery of funds, Joseph Thompson cofounded AID:Tech. Joseph has his personal experience to reflect upon when it comes to financial aid and charity fraud.
Almost a decade ago, in 2009 Joseph participated in a marathon, which is considered to be one of the most difficult marathons organized in the Sahara Desert, to raise funds for his cause. He ended up raising as much as $122,000 successfully.
A few days later when Joseph inquired the charity he made the donations to on how they were being spent, he found out that the organization had lost his funds. This incident combined with a couple of other factors influenced him to embark on the journey of revolutionizing the industry. He collaborated with Niall Dennehy and co-founded AID:Tech.
The firm focuses on creating lawful and recognized digital identities for individuals, to let them get the funds directly, that were meant for them in the first place.
Successful and revolutionary work
December 2015 marks the month when AID:Tech successfully executed its first delivery of funds using the blockchain technology. This first distribution of funds was made to Syrian refugees living in Lebanon.
However, like always, fraud wasn’t too far away. A couple of weeks after the inception of the program, the system found that food vouchers were illegally being obtained from the legit beneficiaries. The innovative nature of the system automatically labelled those vouchers as invalid.
Private investment and guards
The idea of a decentralized charitable system has caught attention of a number of well reputed tech giants that can end up investing in these causes.
This blockchain technology powered platform has also drawn interest from Rockefeller and Expo2020, World Expos to be hosted in Dubai in the year 2020. These two international expositions have provided AID:Tech grant funding.
Attention paid to antenatal care
The feature that guards against fraud is of high value to both the donors and the beneficiaries. That’s one of the reasons why AID:Tech is operating in Tanzania by teaming up with PharmAccess to locate pregnant women and provide them with the healthcare and benefits they deserve.
The system provides every pregnant woman with a verifiable and legal digital identity which entitles her to pregnancy nutrients and keeps a check on the woman’s progress through the data fed to the blockchain. Every information is added to the system from the registration to the delivery. And while we are on the subject of delivery, on 13th July 2018, the first baby was born on the blockchain. The second and third babies were delivered on the 19th July, afterwards.
This system is now a safety net for pregnant women which provides them with prenatal and postnatal benefits.
Room for improvement and growth
Since the project is rapidly growing and the demand is getting higher, Joseph and Niall are looking for ways to meet up with the demand.
Although, blockchain has been around for a while and we had our fair share of expectations from it for 2018, it is a new technology in the field of charity and donations and it needs time to grow. There have been a few hurdles that the founders have faced, with defrauding of the food vouchers being just one element. However, the transparency that the platform offers makes it easy for the aid providers to keep a check on their beneficiaries and scammers, if any.
From the delivery of charity in Tanzania to aiding the homeless in Ireland, these successful entrepreneurs have earned a good name for themselves. With the help of investments AID:Tech is revolutionizing the delivery of donations, one node at a time.