Dublin Crypto Startup AID:Tech Partners With Irish Red Cross To Integrate Blockchain Donations
Blockchain Technology To be Integrated Into Irish Red Cross In App To Improve Transparency
Blockchain technology is proving to have many use cases. Countries around the world have employed it to be used in supply chain management, banking protocols, and even the health industry. However, to further its use with the latter, the Irish Red Cross recently announced that they would be using blockchain technology for more transparency in their donations, teaming up with a Dublin-based startup.
The startup, which is named AID:Tech, is in this partnership for the opportunity to use the mobile app “TraceDonate,” which ensures that contributors can see when their donations are being spent. With this new level of transparency, the app is hoping that trust and engagement will become more prevalent in their efforts. The blockchain capability also makes it possible to donate in a peer-to-peer transaction to a specific beneficiary, an NGO, or a specific appeal, which is a benefit that is directly aimed at both retail and institutional investors.
Partners of AID:Tech can use thee shared ledger to examine the transactions as they happen. They also have access to historical records of contributions and can view any current campaigns that are available to contribute to. With this partnership, the Irish Red Cross’s secretary general believes that it offers a chance to “further promote transparency in the [charity] sector,” and functions as a “benchmark for the donation process.”
Before the mobile app was created, AID:Tech had been using blockchain technology to offer Syrian refugees the aid that they need in northern Lebanon, reportedly since 2015. They also have created “Transparency Engine,” which is based on blockchain technology as well to provide digital identity solutions for many different entitlements. Some of those applications include welfare, remittance, and healthcare.
Based on the report from The Irish Times, this year brought in about $1.1 million in funding, which was partially raised in a contribution from Enterprise Ireland, which supports economic development in Ireland. Another backer was SGInnovate, which is a branch of Singapore’s development authority. These investments were the first big push of funding in the blockchain sector from both of these entities.
Other world organizations have been taking note of the efforts made by the Irish Red Cross. The United Nations, for instance, has already used the Ethereum network before, helping with the distribution of aid to Syrian refugees last year. Binance, a crypto platform, using their Charity Foundation to create a fundraising channel, which already had blockchain technology employed in their structure.