UN Branch Using Ethereum-Based Smart Contracts for Public Confidence
In an effort to increase public confidence and transparency, UNICEF Ventures is now testing Ethereum-based smart contracts.
One branch of UNICEF (United Nations International Children’s Emergency Fund), called UNICEF Ventures, has been tasked with the responsibility of finding new and emerging technology that can help the organization move funds.
In an effort to increase public confidence, Ventures is now testing Ethereum-based smart contracts to in order to reduce the ‘cost of trust’ in their asset transfers across the internet and improve public transparency.
Improving international transparency
UNICEF Ventures hopes to improve the transparency of the work they are currently undertaking.
It’s quite difficult to track international transactions, and such tracking is necessary if an organization is to be completely transparent.
Through smart contracts, UNICEF partners would be able to receive ether tokens, allowing them to function with validated account signers.
The work product of the network would then be transparent and trackable.
Increasing public transparency
The activity on the network designed by Ventures would also be fully and publicly auditable, meaning that all activity for UNICEF within the smart contract system would be open for public scrutiny.
As a body committed to helping children internationally, public transparency of this kind will greatly increase public trust in the organization.