The International Committee of the Red Cross is working on a blockchain project to distribute aid in a tokenized manner in conflict zones.
To carry out this project, the International Committee of the Red Cross has started its path in the cryptographic industry, and has supported the development of this project with Partisia Blockchain. It is intended to make available, in a more direct way, the aid that this organization carries out in conflict zoneswhich generate multiple difficulties at the time of having the funds available.
Here Blockchain technology and cryptocurrencies enter an important scene, The Red Cross has an international presence, so this project has a great impact. The International Committee of the Red Cross would be the sole provider and redeemer of the “stable utility token”, which is expected to be associated with the price of an asset in a similar way to a stablecoin.
Speaking to The Block, Partisan Blockchain CEO Kurt Nielsen reported that The project has already been financed internally by the International Committee of the Red Cross and by the same company Partisan with a collection that up to the moment of the statements offered reached USD 55 million through the sale of native tokens.
Likewise, the head of the technology center of the ICRC data protection office said that: “Our activity in a humanitarian context is what we call assistance, and over the last 20 years, an increasing part of our assistance is what we call cash and voucher assistance. Instead of giving goods to an affected population, we give them the means by which they can decide for themselves“.
The charity wants evolve from handing out papers or coupons to complement existing measures with a technological development that also solves a border barrierthus being able to receive help more efficiently through the internet and smartphones.
The project is promoted by the Committee of the hand of Partisia Blockchain, but still They have not clarified which asset would back the tokens, if it is a local currency, the US dollar or if it would be a precious metal such as gold. Those seem to be some of the options raised by the Partisa Blockchain team.
They detailed that the assets will be sent through a wallet application in the layer 1 network to each beneficiary, so that they can be exchanged or transferred through a QR code.
Nielsen of Partisia Blockchain said that: “It’s really the option to redeem these tokens that creates the value.“He also pointed out that:”I could go to the bank and withdraw money so I can see it’s real money and not just numbers“.
One of the reasons stated by the organization that led to the decision to use Blockchain technology was the fact of not having to share personal data with third parties, and therefore found the privacy approach of Partisia Blockchain attractive.
The Partisia Blockchain uses a protocol based on Multi-Party Computing (MPC) technology, which allows ratings and evaluations based on the private data of a group of users, without disclosing that data, to deposit and withdraw the tokens.
Nielsen indicated that plans to develop the project using a mix of public and private smart contract tools. He said this would also ensure transparency, meaning the International Committee of the Red Cross could keep track of transactions while hiding recognition patterns. that could otherwise be discerned from on-chain transaction data.
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