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Blockchain “Revolutionizes” Humanitarian Aid, Says Cardano Foundation CEO Frederik Gregaard

Published June 15, 2024 1:00 PM

By Teuta Franjkovic

Cardano Foundation CEO Gregaard says the foundation is exploring how to connect the blockchain with humanitarian efforts. | Credit: Hameem Sarwar, CCN.com

Key Takeaways

The Cardano Foundation’s CEO Frederik Gregaard said blockchain could improve efficiency and transparency in humanitarian aid.
Donors could see the impact of their contributions, Gregaard says.
He also said security and privacy were crucial for theblockchain and humanitarian work.

Blockchain technology has the potential to revolutionize the humanitarian sector. It could help reduce costs, enhance the traceability of information, and decreasing transaction times, according to Cardano Foundation CEO Frederik Greygaard

Also, in theory, the blockchain could offer a more reliable record of where humanitarian aid is allocated. As a result, this could help to combat corruption with its inherent transparency.

CCN spoke with Frederik Gregaard , CEO of the Cardano Foundation, about blockchain technology in humanitarian settings.

The “With Refugees” Charity Stake Pool

Gregaard talked about how Cardano’s technology is used in the “With Refugees” charity stake pool (WRFGS). This is a collaboration between the Cardano Foundation and Switzerland for UNHCR.

Tomorrow I release my latest collection. Why is it that I decided to make it? Why am I partnering with the the Cardano Foundation & UNHCR Switzerland? Read on…

2 days ago marks the 3rd anniversary of an explosion in my home country that reshaped it yet again. Due to that… pic.twitter.com/FtYtROUWqw

— $Chadi.⌐◨-◨ (@ChadiNassar) August 6, 2023

This initiative addresses the forcible displacement of people due to war, famine, and other disasters. Through the use of blockchain technology, the WRFGS stake pool aims to make sure that donations not only reach those in need but also have a long-lasting impact.

Gregaard said: “Using emerging technologies to apply innovative approaches to situations like this can help to ensure those affected receive prompt and appropriate assistance.”

He argued for the efficiency and effectiveness of this model. This, he said, lets donors see the tangible impact of their contributions, thereby enhancing the support provided to refugees.

The United Nations @UNHCR_CH_Innov is building on #Cardano to combine blockchain with humanitarian efforts around the world!🗺️

Data-Impact Innovation Funds & Proof-of-Stake Charity Solutions with WRFGS Pool 🤍 @Cardano_CF @hoskytoken

Full ☕️ on Youtube https://t.co/vsSbXdBhMZ pic.twitter.com/3r6XqxFOhB

— Cardano Over Coffee (@coc_space) May 6, 2023

Ensuring Security and Privacy of Digital Identities

A critical aspect of adopting any technology, especially in sensitive contexts such as humanitarian aid, is of security and privacy.

Gregaard said it was important to ensure the safety of digital identities through open-source wallets. These usually incorporate advanced tools to securely generate, update, deactivate, and restore Decentralized Identifiers (DIDs) and KERI Autonomic Identifiers (AIDs).

It is also important for these kind of wallets to support trusted communications. They should also use W3C verifiable credentials along with Authentic Chained Data Containers (ACDCs) to bolster security.

He said:

“This kind of approach ensures that personal data remains secure while facilitating essential services.

“We look forward to exploring the boundless possibilities of innovation and collaboration, aiming for a future where communities worldwide are safer and more secure.”

Transparency, Efficiency, and Secure Data Sharing in Humanitarian Work

Blockchain technology offers potenital advantages in the humanitarian sector, including secure data sharing, streamlined supply chains, enhanced donor financing, efficient cash programs, and expanded crowdfunding opportunities.

In the humanitarian field, unreliable information and the existence of information silos among various actors often serve as obstacles to effective information management.

Blockchain technology addresses these challenges by establishing an information marketplace that is accessible to all users while maintaining the security of the information. This system, which features time-stamped and digitally verified data on an accessible ledger, could significantly reduce costs and improve transparency in managing humanitarian data.

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About the Author

Teuta Franjkovic

Teuta is a seasoned writer and editor with more than 15 years of experience. She has expertise in covering macroeconomics and technology as well as the cryptocurrency and blockchain industries. She has worked for several publications as a journalist and editor, including Forbes, Bloomberg, CoinTelegraph, Coin Rivet, CoinSpeaker, VRWorld and Arcane Bear. Teuta began her professional career in 2005, working as a lifestyle writer at Cosmopolitan in Croatia. From there, she branched out to several other publications, covering mainly business and the economy. She then turned her attention to the world of cryptocurrency and blockchain, believing that crypto is among the most important inventions in the history of humanity. Her involvement in fintech began in 2014 and she has since lent her expertise in writing, editing and gathering information about the world of crypto, blockchain, NFTs and Web3. An all-round news hound, mentor, editor, and writer, Teuta enjoys teamwork and good communication. She holds a WSET2 diploma and has a thing for chablis, punkrock music and shoes. She also holds a double MA in Political science and Entrepreneurship.

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