Emerging economies often run cash/subsidy programs that provide regular time-limited payments to poor households and are an important tool for reducing short term poverty across nations. A pre-requisite for running such programs is that the beneficiary should have a bank account. Cash transfers / subsidy distribution often raises the income of the poor household and have proven to be more effective than in-kind benefit transfers.
Governments face major challenges in running such programs because of lack of banking infrastructure, lack of income data for ascertaining eligibility and lack of tools to track utilization of funds. There is also a risk of double-dipping where a household can receive this benefit twice due to incorrect data.
Using our Subsidy Distribution platform, Governments can easily track both conditional as well as unconditional subsidies.
Our extensive work with State governments in India and counties like Papua New Guinea and Indonesia has given us a unique lens with which we view the problems in such scenarios 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.