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UNICEF to fund blockchain startup projects with a global impact under its innovation funds

Mar 02, 2018 Posted /  2644 Views

UNICEF to fund blockchain startup projects with a global impact under its innovation funds

About the UNICEF Innovation Fund

The UNICEF innovation fund is a recently developed arm of the agency created to provide the required funds to open source technology projects that can be beneficial to children by identifying promising emerging technologies and creating portfolios around them. The main purpose of the fund Is to guide these identified technologies in a way that would benefit children with emphasis on the world’s most vulnerable group of children. This fund will employ a venture capital like approach to create strategies and solutions for emergency and epidemic response, transport and delivery, identify, finance, learning, personal data and similar activities.

Blockchain projects that can attract the UNICEF funding should be able to benefit some of the world’s most vulnerable children in a way of education, healthcare and other humanitarian grounds targeting children in unstable communities.

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Blockchain provides a cheaper and greener ways of executing projects that involve transfer of resources from one location to another or collecting financial resources from many points and pooling them in one point. Blockchain is a secure progressing technology with a very promising future which could the reason it was preferred by UNICEF.

A New Approach Towards a Sustainable Global Development

Humanitarian agencies across the world are devising new ways by which all parts of the world could be driven towards a new age of sustainable economic development. From Refugee resettlement to sustaining families where children are exposed to lot of risk of child labour, early marriage, and child soldier. Blockchain provide a hub where distinctive projects aiming to fulfill different urgency affecting to community could be run.

Blockchain is becoming the technology of preference to donors because it has possibilities that are hard to find with other technologies. Among some of the distinct properties of blockchain include.

Accountability and Impact. With blockchain projects the true impact of the project on to the target communities could be measured using a proof of impact algorithm. This protocol would assure project funders that the goals and promised of the projects are attained as recorded on a distributed ledger system.

Blockchain based projects are becoming more efficient than any other projects seeking funding. UNICEF recently partnered with blockchain developer IXO to build Amply, a blockchain system designed to increase impacts and accountability of public services. Amply would privately create and stores child’s sovereign digital identity to ensure they benefit from public services. The system would then generate a real time data useful in determine how and here to deliver public services most efficiently.

Another UNICEF approach using Blockchain is the deployment of the Ethereum smart contract on a system that is intended to improve transparency, efficiency and accountability in executing contracts without the need of middle men and reducing the cost of trust. This project is much needed in developing countries to reduce corruption in contract processes.

Possible Impacts of this Funding Drive on Blockchain Startup Companies.

Individuals or teams with project prototype that meet the UNICEF requirements are encouraged to apply for the funding program. UNICEF is strict about the project type emphasizing only people with open source blockchain working prototypes to apply. The deadline for receiving application for the funding program is set to be February 28.2018.

Most blockchain venture projects tend to get investment capital through ICO, receiving a free funding of the tune of $90,000 is enough to transform a brilliant blockchain humanitarian idea into a working system.

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Tags: Blockchain startup innovation funds UNICEF

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