Home / News / Crypto / Cardano / Blockchain “Revolutionizes” Humanitarian Aid, Says Cardano Foundation CEO Frederik Gregaard
4 min read

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

Last Updated June 15, 2024 1:12 PM
Teuta Franjkovic
Last Updated June 15, 2024 1:12 PM

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.

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.

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.

Was this Article helpful? Yes No