AID:Tech brings transparency and efficiency to the distribution of resources by governments, NGOs and charities. By harnessing the power of blockchain technology, it can issue digital identities quickly, transparently and efficiently, limiting fraud and corruption across the world. Digital identities mean all transactions can be securely stored on a distributed ledger in real-time. Services such as electronic cash, donations, remittances, micro pensions and social services can then be obtained completely transparently. The digital identity also works offline and in environments with interrupted power supplies.
How they’re disrupting
Dealing with “lost” aid money and stamping out corruption is a huge headache for NGOs and governments. How do they ensure that money gets to the intended people? This technology is going a long way towards making the system fairer and more transparent.
More than $1.1 trillion is lost each year to illegal outflows. There are more than 2.4 billion people in the world today who have no legal identity, leaving them without access to legal, social and financial services. By using digital identities these services become accessible.
Investments and future
AID:Tech received an undisclosed amount of seed funding from the world’s number one tech accelerator in Techstars, a Middle Eastern government, philanthropic foundations and angels. They plan to expand to new geographies in 2017