Multinational Aid Network Trials Blockchain for Donations Tracking

Jul 12, 2017 at 19:30 UTC
Updated Jul 13, 2017 at 13:50 UTC
NEWS

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