Blockchain technology has plenty of benefits and may be used as a solution in many different industries. Blockchain is a ledger system that tracks digital information; among its benefits, it can offer digital contracts to prevent fake land records or enable quicker and safer money transfers to crisis areas throughout the world using cryptocurrencies. Several public-sector institutions have expressed interest in it, including the United Nations, which has utilized Ethereum (ETH) as a delivery method for relief to thousands of refugees since 2017.
Coinify is a financial tech company that builds payments infrastructure for crypto. In other words, it provides a secure online platform that offers an easy way to buy and sell digital tokens. Their suite of products offers individual as well as corporate trading, corporate brokerage, payment processing services, and Enterprise solutions via Coinify API. Coinify is active in more than 180+ countries, but its headquarters is located in Copenhagen, Denmark.
Sustainia, is a think-tank and consultancy also based in Copenhagen, Denmark. They focus on green economy solutions, by providing strategic and operational guidance to private companies and public authorities that to improve their sustainability standards.
These two companies, Sustainia & Coinify, are now working together on a joint study. The goal is to explore ways for Danes to use blockchain to send aid to those in need directly. The elimination of financial intermediaries from the process is the fundamental benefit of such an arrangement.
Donors might theoretically donate directly to the foreign government or organization that is collecting help, bypassing the existing financial system, via cryptocurrency exchanges. Even development and humanitarian organizations would be able to use blockchain when promoting human rights, land rights and anticorruption rules.
This potential case study shows how governments around the world are starting to see the benefits of blockchain and of digitalizing more their operations. The technology can help safeguard data, improve operations, and prevent fraud, waste, and abuse in government services while also increasing trust and accountability. Of course, this would need to be accompanied by adequate regulation, reducing the eventual financial risks usually associated with these technologies.