The United Nations World Food Program is using a blockchain to distribute cash entitlements to Syrian refugees. The program currently distributes $1.3 Billion in cash to refugees through a digital voucher.
The program works by collecting biometric data from the refugees and associates the data with a digital wallet. Money is transferred to a financial services organization that manages the wallets and transfers the funds to food merchants on a per transaction basis.
However, the program administrators learned that they could use a blockchain to replace the financial services organization. The blockchain maintains all the data and the funds are transferred to the merchants every two weeks in a bulk transfer. This eliminates the 1.5% fee on all the individual bank fees.
Source/More: UN World Food Program Implements Blockchain & Realizes Massive Savings – GBA Global
