Nepal’s Blockchain Startup “Rahat” Receives $100,000 from UNICEF’s Innovation Fund

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The United Nations Children’s Fund (UNICEF), done its Innovation Fund, announced a caller cohort of startups processing open-source, blockchain-based solutions to person equity-free concern of $100,000 and year-long mentorship — including eSatya(Rumsan), a blockchain startup successful Nepal. As portion of the UNICEF Innovation Fund’s portfolio, eSatya joins a assemblage of occupation solvers processing unfastened root solutions further with frontier exertion similar blockchain to code inequities children face. 

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Rahat: Blockchain Startup successful Nepal

Rahat level is an unfastened source, blockchain-based humanitarian assistance organisation absorption system. Rahat’s main extremity is to marque the assistance organisation process for susceptible communities simple, businesslike and transparent. 

With the earthquake successful 2015 and the existent perils of Covid-19 pandemic, it’s ne'er been much evident than present that during specified situation situations, delivering assistance rapidly and efficiently to the affected is vital. But distributing assistance is usually a labour intensive and cumbersome process. High overhead costs arsenic good arsenic reports connected corruption and fraud successful assistance organisation are rather prevalent.
According to the erstwhile UN Sec. General Ban Ki-Moon, astir 30% of assistance wealth is mislaid to corruption and fraud annually. 

Rahat is inspired by the thought of bringing successful speedy alleviation with minimum overhead costs to antagonistic the plight of countries similar Nepal. Rahat hopes to plug leakages successful assistance distribution, impact section communities to physique fiscal resilience and pat into enactment for unbanked populations efficiently. 

Also Read: Blockchain: Here’s Everything You Need to Know

Rahat uses mobile-based blockchain tokens to negociate and show the travel of assistance transactions. Rahat level includes an online dashboard, a integer wallet, a vendor app and a QR code/SMS based token redemption process for beneficiaries. Rahat’s online dashboard supports assistance agencies to onboard section partners/vendors and to delegate alleviation money tokens to beneficiaries. Beneficiaries usage QR and/or SMS codes to redeem their tokens for currency oregon goods from participating section vendors. Vendors tin redeem their tokens for section currency done a fiscal work provider. Digital tokens are burned to debar treble spending. Blockchain web provides unparalleled information for money organisation and besides helps support extremity to extremity transparency and real-time visibility into the travel of funds. Thus, Rahat enables decentralized organisation done the blockchain exertion making the full process of assistance organisation more secure, transparent and efficient. This successful crook volition trim administrative, transaction and audit costs for the alleviation organisation process. 

Rahat makes it imaginable to efficaciously see unbanked populations for assistance distribution. With integer tokens, beneficiaries tin find however overmuch wealth they privation to walk to the vendor without needing to uncover outgo relationship information. Direct transportation betwixt parties helps trim clip to present aid, auditability hazard and privateness risks. 

Rahat pilots person been precise promising and the squad has been capable to interaction the lives of 150+ families affected by Covid-19 with the nonstop usage of Rahat platform. 

Rumee Singh, Co-founder of Rahat shares

“We are highly thrilled and excited to beryllium portion of the UNICEF Innovation Fund’s larger cohort of startups moving connected blockchain-enabled solutions toward greater fiscal inclusion. With UNICEF’s investment, we look astatine scaling and refining our prototype into a overmuch much robust platform; launching a managed solution to onboard section partners and assistance agencies; and gathering Rahat arsenic an unfastened root solution. We look guardant to collaborating with like-minded innovators who judge successful the powerfulness of blockchain exertion for societal impact.”

The institution believes that this concern not lone supports america but besides encourages each innovators moving with blockchain exertion successful Nepal to instrumentality their efforts further. UNICEF Innovation Fund’s enactment for Rahat speaks volumes astir the imaginable of open-source blockchain solutions.

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