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Red Cross Launches Blockchain Credit System In Kenya
Summary: On Tuesday, the Red Cross societies of Norway, Denmark and Kenya announced a two-year plan to help solve the problem of insufficient hard cash in the poor communities in Kenya. More specifically, blockchain-backed “local currencies” will be deployed to improve trade and boost economic activities. This project targets to advance the use of $1 billion ...
On Tuesday, the Red Cross societies of Norway, Denmark and Kenya announced a two-year plan to help solve the problem of insufficient hard cash in the poor communities in Kenya. More specifically, blockchain-backed “local currencies” will be deployed to improve trade and boost economic activities. This project targets to advance the use of $1 billion per year in aid distributed as cash and vouchers by the Red Cross. The new currencies will be using credits transferred by phone and recorded with blockchain automatically. This allows people in Kenya to be paid for their labor and to spend the credits they earn on local goods or services without relying on the use of cash.
By Minh Nguyen
Tags: Blockchain,Cryptocurrency,Denmark,Kenya,Red Cross
Link: Red Cross Launches Blockchain Credit System In Kenya [Copy]
