UN World Food Program May Refuse Banking Services

UN World Food Program May Refuse Banking Services

The head of the World Food Program (WFP) Robert Opp said that his department is developing a financial infrastructure for the more efficient use of distributed registry technology. With the help of the Ethereum blockchain, the organization has already saved millions of dollars on bank commissions. This is reported by CCN.

We believe that we can replace bank services with blocking. This technology allows you to process a massive amount of data and helps to establish a collaborative relationship.

It is worth noting that WFP did not talk about specific plans for the further implementation of Ethereum technology.

WFP first began using blockage in 2016 and is currently testing a system to provide food for 100,000 Syrian refugees in Jordan. Only in this particular case cancellation of bank commissions allows to save $ 150,000 per month and exclude 98% of bank charges connected with international transfers. Every year, the UN spends $ 1.4 billion on food programs and developments in the field of digital technology. The creation of its financial infrastructure will make the runway more efficient.

Unlike cryptocurrencies, which many consider unreliable and short-lived, the blockade is gaining increasing popularity in all spheres. It allows you to transfer money without commission, register sales transactions and even count votes in elections. Ethereum technology gives users the ability to release tokens, which can then be adapted to specific needs.

Earlier, the UN launched a pilot program Building Blocks to assist refugees in Jordan. Within the program, cryptographically unique coupons representing a certain number of local dinars were distributed among several dozen stores in five refugee camps.

WFP also used Ethereum to implement a program of targeted humanitarian assistance to 10,000 Syrian refugees.

Information Source: CCN