Multinational Aid Network Trials Blockchain for Donations Tracking

A multinational aid network comprising more than 40 members, is testing blockchain to track donations and disbursements.

Jul 12, 2017 at 6:30 p.m. UTC
Updated Sep 11, 2021 at 1:31 p.m. UTC

A multinational network for aid groups is testing blockchain to track donations and aid disbursements.

The Start Network, which counts more than 40 organizations within its membership and is headquartered in the UK, announced yesterday that it is working with a startup called Disberse to test the tech. Contributors to the network include groups like Oxfam and Save the Children, as well as an aid-focused office in the European Commission.

Disberse is a fund management startup using the blockchain to transfer and trace aid contributions among donors, governments and charities, among other parties. The collaboration aims to let donors follow the transactions that are recorded on a distributed ledger for the sake of transparency.

Sean Lowrie, the group's director, said in a statement:

"This exciting partnership could lead to the transformation needed in the way money flows through the humanitarian system. The Start Network is testing innovative solutions to many humanitarian challenges to enable aid agencies to be more efficient and effective."

Disberse was among a group of startups accepted into a fintech accelerator launched last year by the Financial Conduct Authority, one of the UK's financial sector watchdogs. It was one of nine companies working with blockchain to join the accelerator.

Image via Shutterstock

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
San Francisco NFL Player Alex Barrett Taking His Salary in Bitcoin

The most valuable crypto stories for Thursday, May 20, 2022.

The most valuable crypto stories for Thursday, May 20, 2022.

CoinDesk - Unknown
2
CoinDesk - Unknown
Justin Sun Still Thinks Algorithmic Stablecoins Are a Good Idea

The crypto mogul also said LUNA and UST might make good "meme coins," he said on CoinDesk TV’s “First Mover.”

The crypto mogul also said LUNA and UST might make good "meme coins," he said on CoinDesk TV’s “First Mover.”

CoinDesk - Unknown
3
CoinDesk - Unknown
Former BitMEX CEO Arthur Hayes Sentenced to 2 Years Probation

Hayes pleaded guilty to one count of violating the Bank Secrecy Act (BSA) in February, and faced a sentence of up to 12 months in prison.

Hayes pleaded guilty to one count of violating the Bank Secrecy Act (BSA) in February, and faced a sentence of up to 12 months in prison.

CoinDesk - Unknown
4
CoinDesk - Unknown
Market Wrap: Cryptos Decline Amid Choppy Trading, DeFi Tokens Underperform

Aversion to risk remains as volatility returns to stocks and cryptos.

Aversion to risk remains as volatility returns to stocks and cryptos.

CoinDesk - Unknown