Irish Blockchain manages to raise 1 Million Euros to support Refugee Camps
Aid: Tech is a young blockchain company based in Dublin. The company has managed to raise 1 million euros to support refugee camps. Aid-Tech raised the money from its investors SGInnovate and Enterprise Ireland.
SGInnovate is an organization that is a branch of the development authority of the Singapore government. The two organizations are backed and supported by the government. The companies have set a new record for the government as it has been the first time the government has invested in a blockchain company.
Government-Supported Companies take keen Interest in Blockchains
Some of the most notable investors in Aid-Tech include Parasol Investments and Tin Fu Fund. Parasol Investments is a company that is based in Amsterdam while Tin Fu is a private company managed by Shenzhen Capital Group. These initiatives have illustrated a change of attitude the government had towards ledger technologies.
The increase in investments from agencies that are backed by the government has shown strong support towards the blockchain technology. The strong support system from the government has been highly regarded by institutions that identify with the technology. This sets a good pace for future projects that plan to use this innovative technology.
Aid: Tech’s Role in enhancing Transparency in the Financial System
Aid: Tech is a company that utilizes the blockchain technology to carry out its charity work. It uses the technology to contribute towards welfare, aid and make payments to other charitable initiatives.
According to world statistics on NGO's, more than 306 billion euros have been contributed towards supporting the vulnerable people in society. Unfortunately, a small percentage of these payments are recorded transparently. Instituting transparent systems could be expensive.
Fortunately, Aid: Tech has managed to surpass this challenge by using a blockchain technology to make payments. This technology enables the user to accurately document and account for all the international aid. The technology can monitor food and medicine distribution as well as other basic essentials. The company was established in 2014 and has been the first company to distribute international aid to Syria using this unique technology.