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UNICEF To Test Ethereum For Tracking Asset Transfers

By

Jeremy

Nation

WriterETHNews.com

Ethereum is lending aid to UNICEF to test the effectiveness of tracking asset transfers on a blockchain platform.

On August 4, 2017, aid organization United Nations International Children's Emergency Fund (UNICEF) announced intentions to use Ethereum-based executable distributed code contracts (EDCCs), often referred to as smart contracts, to lower the "cost of trust" for asset transfers across the internet.

According to the announcement, UNICEF will enable entities to cooperate, generally over long distances via the internet, by leveraging EDCCs to eliminate intermediary parties, in terms of consensus conditions. The contracts will only execute if conditions are met and do not require third party verification. UNICEF will roll out a multi-signature EDCC which is displayed in a diagram below:

UNICEF also provided an example of a window wherein all the transactions governed by its multi-signature EDCC can be viewed.

Due to the transparency that blockchain transactions afford, UNICEF can display all interactions that the EDCC takes part in from inception. Auditors will be capable of going over every step of authorization with a fine tooth comb, so to speak, once they are recorded on the Ethereum blockchain. The recording methods and verification allow for a complete and immutable record of events.

Currently, activity on the UNICEF accounts can be tracked on Etherscan.

Jeremy Nation

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

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