UNHCR has tapped blockchain technology in order to ensure that the troubled Ukrainians are provided with aid from all possible channels.
According to the sources, UNHCR has collaborated with the Stellar network in order to come up with a unique payment solution. The particular solution will be based on blockchain technology.
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The purpose of introducing a blockchain-based solution is to offer the troubled people in Ukraine accountability, agility, and speed.
During troubled times, the world has joined hands to help and support Ukraine. Countries have been coming up with different kinds of ways to help Ukraine in this time of need.
The High Commissioner of Refugees at the United Nations has come up with its own way of supporting the Ukrainians as the country tries to resist Russia’s attack.
The information about the latest step taken by the UNHCR in favor of the Ukrainians has been shared through the commissioner’s website.
UNHCR and SDF Form a Partnership
The UN Refugee Agency wanted to come up with a blockchain-based solution for the welfare of the troubled Ukrainians.
These are the people who were forced to leave their country because of the Russian invasion.
As the world continues to impose sanctions against Russia to force it out of Ukraine, the number of refugees just keeps on rising.
The neighboring countries provide refuge to the troubled Ukrainians and aim to take care of their needs by providing them with all kinds of supplies and facilities.
However, it is very difficult to keep a track of the Ukrainians who are leaving their country to save their lives.
Therefore, the UNHCR has come up with a blockchain-based solution to provide as much aid as possible to the refugees.
For this very purpose, the UNHCR has worked alongside the Stellar Development Foundation (SDF). It is a development company that is non-profit and is responsible for the development of the Stellar blockchain.
The teams at the SDF are now providing their services to the UNHCR to offer a blockchain solution that can help the refugees on a large scale.
The pilot has Been Launched
The UNHCR has announced that they have already worked on the primary development of the payment solution for the refugees.
The next step is to take the solution through the testing phase and they have already launched its pilot to make it happen.
The purpose of the blockchain-based solution would be to provide support to the Ukrainians affected by the war as well as the internally displaced persons (IDPs).
The refugee agency has announced that the pilot testing phase is open for anyone willing to participate throughout the world.
The purpose of the solution is to collect as much aid as possible for the Ukrainians and the IDPs. Therefore, there is no restriction or limitation on where or how much someone wants to donate to the cause.
The Adopted Currency is USDC
The teams have confirmed that the people wanting to donate can send the funds to the provided wallet address in USDC.
The USD Coin (USDC) is a stablecoin that is pegged to the US dollar, so if people donate 1 USDC, it means that they will be donating 1 USDC.
The wallet application will be available for the people wanting to donate so they can download it into their operating systems and then send the funds.
This way, people will know that their funds are directly headed in favor of the Ukrainians. This way, the people will be able to move around in the country or outside of Ukraine without having to pay cash.
Another major Utility for the People
The people receiving the funds will have the freedom of converting the USDC into fiat currencies. For now, they have provided the option of euros, dollars, and local currencies.
MoneyGram has come in for the people’s support in troublesome times offering its services to the needy. The people receiving the funds can visit any MoneyGram location and withdraw funds from there.