ETHERLive
ETHERLive delivers real-time price and volume data across 16+ exchanges to users in a clear and easy-to-understand package. Users can get up-to-the-second updates for each exchange/currency pair, as well as aggregated market averages for each exchange, currency, and the market as a whole. It also provides a global converted average of all the currency pairs monitored by ETHNews, converted to USD.

---

24hr ---
--%
Monday Jun 25th 2018
RESOURCES

The Basics

Learn the basics of Ethereum and various cryptocurrency technologies

Learn More

What is Ethereum?

Understand the underlying principles of the Ethereum Platform

Learn More

The Blockchain

Discover the revolutionizing technology known as the blockchain

Learn More
SUBMIT

Press Release

Submit a press release for consideration on ETHNews

Submit Press

Story / Dapp

Submit a story or DAPP to be considered for publication on ETHNews.

Submit Story

Explanation

Submit "Ethereum Explainer" content for consideration to be featured on ETHNews

Submit Topic
ETHNews Logo
---
--%
Home
News
Etherlive
Ether Price Analysis
Resources
Contact Us

Cryptocurrencies As A Vehicle For Humanitarian Aid From Denmark

By

Jeremy

Nation

WriterETHNews.com

Danish authorities are researching cryptocurrencies as a way to improve humanitarian efforts.

On December 12, 2017, a report titled Hack the Future of Development Aid was released by the Danish Ministry of Foreign Affairs with help from the Sustainia think tank and Danish blockchain and e-commerce firm, Coinify. The report highlighted some of the benefits that blockchain technology can provide to humanitarian organizations.

The ministry turned to Sustainia to flesh out possible use cases involving blockchain technology. According to its research, the technology can significantly reduce the time it takes transactions to clear as well as costs associated with paper contracts. Corruption can also be curbed by digitized contracts and blockchain-recorded transactions, ensuring that financial aid is properly distributed to those in need.

Minister for Development Cooperation Ulla Tørnæs said there are huge opportunities for the cooperative technological development:

"The use of Blockchain and crypto currency is merely some of the technologies, which can give us new tools in the development cooperation toolbox. It is clear that if we are to succeed in relation to the sustainable development goals we need digital and technological solutions and some of these we do not know of, but we will help find them. Denmark is at the forefront when it comes to innovation – also in the development cooperation. That is why I am proud to present this report."

Among the report's recommendations is the use of blockchain technology to quickly send money to regions in turmoil while navigating around intermediaries who charge fees. In essence, Denmark would be capable of sending a cryptocurrency to an aid recipient faster and cheaper than sending fiat currency.

The CEO and co-founder of Coinify, Mark Højgaard, further elaborated on the benefits of a cryptocurrency solution for relief efforts, saying, "With crypto-aid solution, we foresee that issues like corruption will drop significantly, as money will be easy to track and transactions remain completely transparent."

However, according to Sustainia project leader Marianne Haahr there are still obstacles ahead. "Crypto and crisis is a perfect match, and aid organizations will undeniably be able to respond quicker using blockchain-based digital money, which arrives at email-speed, safely and transparently," said Haahr. "The big challenge now is to disrupt the aid model. First step is to build trust in blockchain and its ability to facilitate all aspects of aid, next step is to disrupt the whole aid system."

Additional uses for blockchain technology were discussed in the report, such as improved land rights and personal data management. Visit the Danish Ministry of Foreign Affairs website to read it in full.

Jeremy Nation

Jeremy Nation is a writer living in Los Angeles with interests in technology, human rights, and cuisine.

ETHNews is committed to its Editorial Policy

Like what you read? Follow us on Twitter @ETHNews_ to receive the latest Denmark, humanitarian or other Ethereum application news.