Following the tragic incident in Beirut, blockchain technology possesses a budding promise of transparency to the deployment of financial aid.
This was the summary of the plea of an Israeli blockchain startup, Orbs, who has issued an open letter to French President Emmanuel Macron.
By nature, the blockchain’s transparency and accountability is a tool to track both private donors and governments that the financial aid they provide is being deployed efficiently.
Notably, blockchain has the exclusive ability to enable multiple parties who don’t necessarily trust each other to work together transparently.
As of press time, Orbs has been working with the Hexa Foundation to endorse the potential benefits of blockchain technology in managing and dispensing foreign aid to various governments and organizations. This leads to the building of a prototype, which it says can be scaled to create a fully customizable solution.
Some previous achievement o Orbs developed an app encouraging people to self-quarantine as the COVID-19 pandemic started to take hold.
In the meantime, the French president is the first international leader to reach Beirut since a shocking consignment of ammonium nitrate stored at the Beirut port ignited in August, killing at least 135 people.