WFP starts using blockchain in refugee camps to create a digital identity, cut down on banking fees
The World Food Programme (WFP) is starting to use blockchain in refugee camps to provide food stipends without using physical money, according to the World Economic Forum. The system dramatically cuts down on banking processing costs worth mns of USD and eliminates the need for bank accounts. Instead, aid recipients can go to a grocery store and pay using their “digital identity,” which connects directly to their WFP accounts. These digital identities also go much further than just financing refugees’ food needs. Since official documents such as passports and education certificates are often destroyed during times of conflict, blockchain will act as a virtual documentation system that would allow them to find jobs and otherwise lead more regular lives (watch, runtime: 1:01).