KATHMANDU, June 11: eSatya (Rumsan), a blockchain startup in Nepal, has received an equity-free investment of US$100,000 and a year-long mentorship through the Innovation Fund of the United Nations Children’s Fund (UNICEF).
According to the company, ‘Rahat’ is inspired by the idea of bringing in quick relief with minimum overhead costs in countries like Nepal. “Rahat hopes to plug leakages in aid distribution, involve local communities to build financial resilience and tap into support for unbanked populations efficiently.”
“It makes it possible to effectively include unbanked populations for aid distribution. With digital tokens, beneficiaries can determine how much money they want to spend with a vendor without needing to reveal payment account information,” the company said in a statement. “Direct transfer between parties helps reduce time to deliver aid, auditability risk and privacy risks.”
Developed by eSatya (Rumsan), Rahat platform is an open source, blockchain-based humanitarian aid distribution management system to make aid distribution processes for vulnerable communities simple, efficient and transparent.
According to the former UN Secretary General Ban Ki-Moon, around 30% of aid money is lost to corruption and fraud annually.