Fintech company Bankex have developed a blockchain project with the potential to improve the supply of clean drinking water to Kenyans.
The pilot project, named Watercoin, is designed to securely raise funds for providing clean water by eliminating middlemen or parties that may corrupt the process. It also makes the process more efficient by removing unnecessary financial transactions.
The decentralized nature of blockchain will remove security issues and provide transparency, ensuring all funds go to those in need. Traditional fundraising techniques have been found to deter investors due to a lack of clarity as to where funds are being spent.
Watercoin will allow people from all over the world to easily donate money with confidence to clean water initiatives in Kenya and other countries, as the project expands. The Watercoin token can only be used to fund water initiatives, making it truly a ‘utility token’.
Currently, UNICEF spends hundreds of millions of dollars on water sanitation and distribution projects, yet still millions have no access to clean drinking water. Corruption, red tape and bureaucracy ensure that much of these funds are never used for their intended purpose.
The pilot in Kenya will be initially focused on the town of Narok, where locals will be able to register with the program and receive a secure NFC smart card. The affordable cards only cost $1 and are more reliable than current QR code methods which are easy to clone.
Bankex hopes the results of the pilot will promote the tracking and monitoring capabilities of blockchain tech, along with its applications in supply chain activities.
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