IrisGuard, a provider of IT Banking, Homeland Security and Humanitarian Relief solutions, last month unveiled the latest version of its EyePay platform for trusted payments for both banks and blockchain channels.
The Jordan-based company said it has achieved this milestone in over four years of continued operations in concordant cohesion with the United Nations Sustainable Development Goals. The platform will transform cash and food assistance to vulnerable refugees.
In its official release, IrisGuard said that the EyePay platform is all-inclusive humanitarian system serving the United Nations High Commissioner for Refugees (UNHCR), the World Food Programme (WFP), the United Nations Children's Fund (UNICEF) and the International Organization for Migration (IOM) in providing legal digital identities, cash, food and non-food based assistance to vulnerable refugees throughout the Middle-East and Africa.
“IrisGuard is proud of its partnerships with UNHCR, WFP, UNICEF, IOM and all UN agencies and NGO’s trying to make a sustainable difference in the lives of impoverished, undocumented and defenseless refugees. We hope to continue doing our part in realizing a fair and dignified distribution system for the world’s unbanked populations”, Imad Malhas, Founder and CEO of IrisGuard Inc., said.
The company explained that the platform has been tightly coupled with the blockchain technology in one of the refugee camps in Jordan where over 10,000 beneficiaries have benefited from this integration. Refugees purchase their food items using the eye and the financial transactions are settled instantly on an Ethereum Blockchain. Importantly, as refugees’ eyes become their “key”, it eliminates the weakest link in the blockchain system – as it cannot be lost, stolen, forged, copied or forgotten.
This marks the largest permissioned Ethereum Blockchain implementation till date, the release said.
“The EyePay® platform does away with the time-consuming and expensive card issuance and maintenance process while not relying on the presence of a smartphone with every refugee”, IrisGuard explained. “Additionally, the blockchain automatically records transactions on a secure ledger, and therefore merchant settlement is instantaneous, which means shorter payment cycles as compared to traditional banking and third-party processor methods, something which merchants welcome tremendously.”
By streamlining the process within the EyePay Platform, IrisGuard ensures that large-scale blockchain deployments are possible and eliminates fraudulent transactions and misappropriation of funds while reducing fees considerably. The UNHCR has enrolled over 2.3 million refugees (over 75 nationalities) from Jordan, Lebanon, Iraq, Egypt and Syria using the EyePay technology.
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