Bitcoin (BTC) and a significant number of other blockchain-based cryptocurrencies are currently still riding a high. At a time of increasing government monetary control and the fading away of physical cash, blockchain could pave the way for a new form of nongovernmental digital money.
Cryptocurrencies, as many know, are a fundamentally decentralized general ledger which contrary to being controlled by a central bank is shaped by its users.
The money, which is based on huge amounts of code, could turn out be to be much too complicated for many to understand. However, most do not understand the machinations of the Federal Reserve either, for example. Still, major aspects of blockchain still make it very attractive for a wide range of nonprofit organizations.
For instance, the UN World Food Program (WFP) managed to leverage blockchain to implement cash-based transfers to many organizations which are said to be giving support to Syrian refugees.
WFP’s director of innovation and change management Robert Opp, spoke elaborately regarding blockchain technology. He asserted that it was what helped them stage a fierce fight against hunger and he remains optimistic that the program will help much in aiding the UN to cut down on costs.
He delved deeper into the matter saying that there was currently great need to do whatever it took to respond much more quickly to the various emergencies that would be popping up along the way.
It is also important to mention that traditional currencies are not easy to track especially during those instances when they are being exchanged. But on the other hand digital currencies based on blockchain are actually very easy to trace throughout the history of the entire ledger. This could make digital currencies more trackable for governments than their own currencies, which could be why the UN is using them.