What problem are you trying to solve?
For a long time, governments, NGOs, and development agencies are confronted by the same problem – deteriorating trust in their impact. Each year, $4.4 trillion dollars are lost to fraud and corruption globally. According to the former UN sec gen Ban Ki-Moon, around 30% of aid money is lost to corruption and fraud annually. These losses affect the individuals already disadvantaged. To make sure that resources are being distributed in the most impactful manner, it is critical to ensure that they are being delivered into the right hands. But with over 2 billion people in the world without identity, this is near impossible.
For end-users without identity, they continue to be underserved – unable to access services that many of us take for granted in the developed world. For organisations delivering much-needed services, the lack of information around how resources are distributed creates tension against the global demand for greater transparency and efficiency in processes.
What is your solution to this problem?
AID:Tech leverages blockchain – a distributed ledger technology that provides transparency and traceability. Integrated with digital identity, AID:Tech’s solutions enable end-to-end tracking of transactions on the blockchain that offers multifaceted benefits to client partners and end-users. To date, AID:Tech solutions have been deployed by client partners across the world to deliver services include welfare, aid, remittance, healthcare and donations.
With each AID:Tech digital identity, end-users are provided with a tool that not only offers access but also as means to build social and economic footprints and to gain control over their own data. Through the shared ledger, AID:Tech’s partners, including governments, NGOs and development agencies, as well as donors can monitor transactions in real time. Transactional data can be used by organisations for big data analytics to support efficiency and development.
What is your latest update on your innovation?
The core infrastructure that underlies AID:Tech’s solutions are continuously refined. Blockchain is a rapidly evolving space with new possibilities in sight every day. We place significant focus on leveraging this innovative technology to its best and for users’ needs.
Aside from technological development, after AID:Tech’s first product deployment for aid delivery to Syrian refugees in 2015, updates are also made to enable the introduction of use cases including delivery of welfare, healthcare, remittance and donations, including TraceDonate, the latest mobile application for consumer donors. TraceDonate is a great example, as the latest update to AID:Tech’s innovation, as we extend existing technologies that have proven demand and impact to a wider audience.