Red Cross brings blockchain-cash to rural Kenyans


The Red Cross societies of Norway, Denmark, and Kenya have just launched a two-year project to deploy blockchain-backed “local currencies” to support trade and encourage economic activities in Kenya.

This initiative targets rural Kenya and slum-dwellers in the East African nation with the aim of improving the use of aid-distributed cash and vouchers of up to $1 billion a year by the Red Cross.

Seen as a necessary course of action in a country where poor communities lack adequate cash to buy goods and pay for services, the technology is expected to incentivise residents to produce more.

Grassroots Economics, the foundation in Kenya that develops community currencies and worked with the Red Cross on this project said the blockchain-backed exchange systems could reshape how spending for development is directed around the world.

Advertisement

According to Will Ruddick, founder of Grassroots Economic, “Community currencies could also help plug a shortfall in credit needed by small and medium businesses in the developing world, estimated by the World…



Read All From Tech Point

%d bloggers like this: