We’re working with superstars from AID:Tech to design a proof of concept for remittance transfers over blockchain that would be cheaper (in looking to cut out an intermediary a la Western Union) and targeted towards specific needs. Think using remittances to pay energy or phone bills and purchase food.
We partnered with AID:Tech on their recent pilot project to Lebanon and we were able to view every transaction in real-time. We see great potential for their technology and are currently exploring a number of options with them. This is a very innovative solution that will have potential both at home and overseas
AID:Tech is an example of cutting edge technology delivering tangible solutions to real problems: providing security, traceability and scalability of payments in places and markets traditional banks and payments providers can’t reach and won’t cover. AID:Tech helps the world’s charities and aid agencies to deliver life-saving resources to those in real need. In doing so, it also builds a platform for sustainable, socially progressive finance.
In light of rapid advances in technological development, users and their rights to data are being neglected in favour of profits and power for multinational companies. In 2018, Google advertising revenues reached $116 billion. They managed this by harnessing data generated by users who are utilising the platforms and services on offer.
Users are effectively performing free labour, yet they do not have the same kind of access and control over data generated on these platforms as companies do. For the undocumented and unbanked, they are missing out on a potentially transformative social and economic development tool. This encompasses over 3 billion people globally.
From a security perspective, there are equally unsettling trends. Companies like Google and Facebook have been fined some of the largest amounts on record – as a result of failure to safeguard user data from unfair practices, breaches and hacks.
AID:Tech’s goal is to solve the critical consequences when users do not own their metadata; the lack of ownership over one’s digital identity and the lack of control over how their metadata work in their benefit. Decentralisation is the key because, for the first time, technological advances have made it possible for individuals to control their digital fingerprint.
AID:Tech’s Decentralised Digital Identity (DID) is the tool that enables users to accumulate data, relating to their health, aid, donations, welfare payments or remittances. It builds a personalised transaction profile.
Since 2015, AID:Tech has been providing blockchain solutions that offer multiple applications. In particular, AID:Tech have successfully proven the efficacy of the solution in enabling the tokenisation of identity and unlocking social and financial services.
Today, the AID:Tech platform is a global identity gateway for digital inclusion and economic prosperity. For the first time, advances in technology can address complex global problems on a grand scale. Allowing end-users to own their data, and in turn, their future.
Utilising innovative technologies, including blockchain, AID:Tech has developed and deployed proven solutions for governments, corporates and NGOs. Blockchain becomes the key to securely and transparently capturing data. And, AID:Tech’s proprietary technology enables advances in the management and dissemination of data. In time, artificial intelligence and machine learning will play key roles in making data available in ways that benefit and empower organisations and users.