CRISIS FUND DISTRIBUTION
CRISIS FUND DISTRIBUTION
Crisis situations like natural disasters, wars, drought etc often put the economy of the affected area in a huge turmoil. Such situations need a quick injection of funds in order to help them recover. However, this can result in weak financial oversight over the funds received in donations/grants from across the world and in turn, gives individuals greater opportunity to waste, transfer or use resources for personal gains.
Moreover, during such times the victims/refugees from remote areas are difficult to identity. Donor Agencies and Governments often lack tools to share information and track benefits for a single donor.
Using Blockchain Technology, these funds can be distributed in a transparent manner and further tokenized in a way in which the donations are utilized for the right reasons.
Our work with governments of emerging economies like India, Papua New Guinea and Indonesia has given us a unique lens to understand such problems and apply the technology.
At Somish, we established a Blockchain Centre of Excellence in 2016. Our team has continuously focused on using Blockchain to tackle key challenges of industries like BFSI, Agriculture, Aviation and Governments. Some of our other key Blockchain projects have been highlighted below.
P2P Insurance Mutual
Bringing back insurance in a very cost efficient way by allowing individuals to form groups that can share risk at affordable costs.
Single Version of Truth for OEM, MRO, Aircraft, Airline & Aviation Authorities efficiently reducing operating costs & layover times.
Public Distribution System with assured and accurate end utilization enabling transparency, Traceability & Standardization.
Crisis Fund Distribution
A global common ledger for raising, allocating & distributing aid, donations and grants during times of crisis.
P2P Energy Trading
Blockchain platform for P2P energy trading with turing complete solar panel meters and bidding system.
A DLT solution for Banks, Manufacturers and their Vendors to majorly reduce processing timeframes.
Immutable Audit Trail
A DLT solution for moving ahead of RDMBS implementations to store Audit Trail data on an immutable, trusted ledger.
Tokenized Fund Transfer
Domestic Fund Transfer on Blockchain for emerging markets to tackle Financial Inclusion without last-mile bank branches.
A DLT solution for bank reconciliation eliminating an age-long problem of different statement formats of different banks.