Red Cross Develops Blockchain Credit System To Boost Disaster-Prone Communities

Blockchain, News | November 27, 2019 By:

Red Cross, an international humanitarian movement with approximately 97 million volunteers, members and staff worldwide, is developing a blockchain-based currency to enhance aid delivery and boost local economies.

Thomas Reuters Foundation reported on Tuesday that the Red Cross societies of Norway, Denmark and Kenya have launched a two-year effort to replace fiat currencies with a blockchain-based “local currencies.” The project reportedly aims to improve the use of $1 billion a year in aid distributed as cash and vouchers by the Red Cross.