Blockchain in Relief Fund : Where trust matters most
In the case of natural calamities, instant funding is required to get recovered from the mass casualties.
For notified natural calamities, the State Government of India is required to submit a detailed memorandum indicating the sector-wise details of damage and requirement of funds for relief operations of immediate nature.
Trust and transparency are the most required parameters in case of the relief fund. Donors must have the power to decide on which sector they want to donate for.
A Blockchain based relief fund network can enable instant and efficient funding system. Donors across the world can pay through their blockchain wallet and money will be transferred instantly.
Through Blockchain, relief organizations can display both the required fund for each sector and accumulated fund to date.
It will not only make the relief fund more transparent and trustworthy but also empower donors to take the decision about their payment.
Each donor can check how much fund is accumulated for each sector and pay accordingly.
All organizations can take part in a single network to work together to accumulate the fund and disburse it.
All transaction records can be stored in a distributed and decentralized network to make it more immutable.
Different parties can apply privacy so that data related to their transactions won't be exposed to everyone.
The commonly agreed rules can be implemented by a smart contract to ensure the execution of the rules.
A simple demo on blockchain based donation on relief fund :
Source and Reference:
http://www.arthapedia.in/index.php?title=Disaster_funding_arrangements_in_India
https://www.digitalistmag.com/improving-lives/2017/11/23/blockchain-for-disaster-relief-creating-trust-where-it-matters-most-05527536
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