The exceptional properties of cryptocurrency blockchain can be used in a variety of industry sectors. The use of distributed ledger technology in the non-profit sector has been of interest to many, as these organizations can benefit a lot from the speed, security, and transparency offered by Bitcoin’s underlying mechanism.
A group of humanitarian agencies in the United Kingdom have come together and decided to adopt the technology for a greater good. These organizations, about 42 in number are part of Britain’s Start Network. They have forged a collaboration with Disberse, a social enterprise that uses blockchain technology to adopt cryptocurrency technology into their operations. The organizations that are currently involved in the initiative include the likes of Oxfam, Care International, and Save the Children.
The director of Start Network, Sean Lowrie mentioned the importance of their collaboration with Disberse and the implications of blockchain technology on their mission in one of the leading news publications. Lowrie was quoted saying,
“ This exciting partnership could lead to the transformation needed in the way money flows through the humanitarian system… It could catalyze a new way of working. One that is transparent, fast and which drives accountability to taxpayers and those affected by crises.”
Disberse, in partnership with Start Network, will be offering a way for the participating organizations to raise and manage funds effectively without losing out on hefty banking fees, poor exchange rates, and currency fluctuations. The features will come in handy, especially when the organizations are working across geographical borders, as cross border fund transfer using conventional means comes with high transaction costs.
The implementation of Disberse platform’s solutions is expected to happen in a phased manner, starting with a series of small disbursements within Start Network’s existing programs. The use of blockchain technology will also introduce the much-needed transparency in the segment, which is fraught with fraud and corruption.
Ref: DNA | Image: NewsBTC