The United Nations World Food Programme (WFP) revealed earlier this month that it is testing blockchain potential to transform the fight against hunger.
"Blockchain technology, most famously associated with the crypto-currency Bitcoin, offers unique opportunities for humanitarian agencies to provide the best-possible assistance to vulnerable people around the world”, the WFP said.
In a blog post, the WFP said that its Innovation Accelerator is exploring approaches to delivering cash-based transfers in order to reduce costs and risks, while improving data protection and speeding up delivery. To that end, it said that the first, successful test at field level of its blockchain innovation — called ‘Building Blocks’ — was carried out in January in the Sindh province, Pakistan.
“As vulnerable families received WFP food and cash assistance, the transactions were authenticated and recorded on a public blockchain through a smartphone interface. Transaction reports generated were then used to match the disbursements with entitlements”, the WFP explained.
The WFP is closely monitoring the scope of blockchain technology for applications beyond cash-based transfers, identity management, and supply chain operations. It said that the lessons learnt from the first phase in Pakistan would be used to move towards a “full-scale pilot”.
"Blockchain can revolutionize the way WFP delivers assistance to vulnerable families across the globe. It can bring us closer to the people we serve and allow us to respond much faster," Farman Ali, a regional official for the WFP, said.


Elon Musk's X to Launch In-App Payment Services on Social Media Platform in Mid-2024
Intel Secures $8.5 Billion in New Funding Amidst Strategic Revamp and Government Support
South Korea to End Short-Selling Ban as Financial Market Uncertainty Persists
TSMC to Report 58% Surge in Q4 Profit Amid AI Demand Boom
Robinhood Announces Plans to Expand Stock-Exchange Application to U.K.
Mastercard Partners with Reserve Bank of Australia for Groundbreaking CBDC-NFT Trial
Crypto Markets Surge: Bitcoin, Ethereum, and Solana Lead Gains Amid Economic Optimism
Visa Expands Digital Wallet Capabilities with Visa Commercial Pay
Mastercard Partners with MoonPay to Unlock Web3 Capabilities in Experiential Marketing
Robinhood Launches Credit Card for Gold Customers
Paytm Shares Plummet as Regulatory Crackdown Takes Toll
Mastercard, NEC Collaborate to Revolutionize Checkout Experiences with Facial Recognition Technology
Kraken's Jesse Powell Criticizes SEC Over Legal Action
Crypto Investment Platforms eToro and M2 Granted Approvals to Operate in the UAE
Robinhood CEO Vlad Tenev: Blockchain Can Open Private Markets to Retail Investors
PayPal Shares Climb 7% Amid Strong Profit Forecast, SEC Scrutiny
Visa Launches Global AI Advisory Practice to Unlock the Potential of AI in Payments




