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Ethereum Foundation's Donation Might Have Prompted UNICEF To Adopt Blockchain

Shailesh Panwar by Shailesh Panwar - 01:55 PM Feb 24, 2020
Ethereum Foundation's Donation Might Have Prompted UNICEF To Adopt Blockchain

Ethereum Foundation's donation to the United Nations Children's Fund (UNICEF) might come as the most intelligent move yet.

Lately, the foundation provided a donation worth $150,000 worth of ether and bitcoin for the experimental crypto fund of UNICEF in October 2019. From that time, the Kazakhstan office of UNICEF has created a system based on ethereum for internal payment processes, like transferring funds from the UNICEF headquarters to a group operating a local education program.

The team from Kazakhstan was still setting some finishing touches on the Ethereum platform as UNICEF budgets required multiple signatures from individuals with different clearance degrees. On Monday, a notable amount of office paperwork still required people double-checking costs by hand. So this latest digital process proved to be much efficient.

Oleksandra Gaskevych, the partnership specialist at UNICEF, cited that by 2021, they would completely move themselves to a system based on Ethereum.

Besides this, UNICEF also tied up with SoftBank Investment Advisers (SBIA) to create a framework for dispensing digital currency. UNICEF Ventures co-lead, Chris Fabian, stated that until now the cryptocurrency fund started slowly by funding many firms like Coinsence, a token project from Tunisia, which experimented with ERC-20 tokens for community currencies.

Karim Chabrak, the founder of Coinsence, told that over 200 people from Hammet's' beach town, with approximately 100,000 residents, engaged in a pilot program that would be completely operational this quarter.

The token was primarily utilized by citizens as a payment to youth for jobs at local resorts and restaurants. After that, they provided a discount at particular businesses to these youth.

UNICEF Favors Blockchain Solutions

With this agreement with UNICEF, the Ethereum community was spending in global outreach, even without utilizing the blockchain solutions directly.

This produced a ripple effect besides the contributions themselves. For example, Gaskevych cited that necessary materials associated with smart contracts and blockchain technology were included under the digital literacy program by Kazakhstan office for the young generation, teaching 200 people about ethereum until now. As UNICEF seemed to transit its internal system together with seeking external partners looking to accept ether, the team concentrated on training local talent to built customized solutions for particular needs.

About The Author
Shailesh Panwar

Shailesh PanwarShailesh is an ardent follower of the crypto world and keenly watches every development taking place in the cryptocurrency space. He loves to voice his opinions through well-curated blogs and articles, which throw light on different facets of the crypto industry.

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