United Nations Development Programme (UNDP) has delved into the world of blockchain and distributed ledger technologies and believes that the technology could provide a more effective way of transferring and tracking funds and lead to a shift in its strategy in line with latest developments in this field.

“When it comes to UNDP’s emergency response in employment, we have a hunch that blockchain could provide a more effective way of transferring and tracking funds, and shifting our strategy in line with what is happening in the field- this is a work in progress though but one we’re excited about”, UNDP said.

UNDP has been collaborating with various blockchain-based companies to explore the potential of this innovative technology. It said that it is inspired by decentralized ride-sharing outfit in Israel, Lazooz and driver-owned car sharing start up Arcade City and listed its ongoing initiatives in this regard, which includes designing a proof of concept for remittance transfers over blockchain in Serbia with AidTech, and testing whether blockchain can provide a more effective way of managing the UN car fleet together with Emercoin and DeePlace in Moldova, among others.

“In Moldova, the UN car fleet is testing a possibility of using the Emercoin blockchain. The project is being implemented together with the company DeePlace”, Emercoin wrote in an online post. “The blockchain technology, as stated in the UNDP announcement, is to demonstrate the possibility of a more effective way of managing the UN car fleet in an emergency situation.”

In addition, UNDP is cooperating with the Joint Research Center of the European Commission on design of a challenge prize for social applications of blockchain that would incentivize use cases that go beyond financial sector.

Earlier in February, UNICEF invited technology start-ups (working on blockchain, AI, renewable energy etc) developing solutions with the potential to improve the lives of the world’s most vulnerable children to apply for funding from its Innovation Fund.