Lebanese Blockchain startups to help bring aid to Lebanese

Lebanese Blockchain startups to help bring aid to Lebanese

The Lebanon-headquartered Darwazah Center for Innovation Management & Entrepreneurship (DCIME) recently held its first ever hackathon to find technology-backed solutions for the issue of foreign aid management in the country.  The “Data for Good- I Code for Lebanon” hackathon, held in late May 2021 in collaboration with the Olayan School of Business Master’s in Business Analytics (MSBA) and Inventis Corp, the hackathon was organized to bring forward solutions that use big data and blockchain technology. 
 
The three winning solutions LebAid, Ziraatech, and Block Donate were fast-tracked to the semifinals of Darwazah Center’s annual accelerator program, Darwazah Startup Accelerate.
 
LebAid, a blockchain-based platform that directly links crowdfunding donors to the beneficiaries that are most in need or highly vulnerable, won first place and a prize money of US$500. The solution, which was also created in part to support and manage the World Bank economic crisis recovery funds, enables the leveraging of NGOs that have the most in-depth knowledge about the socioeconomic status and locations of those most in need of financial assistance.
 
Block Donate, a blockchain-based platform that aims to connect aid donors to grassroot NGOs in Lebanon in order to ensure transparency in the disbursement of funds to the houses and businesses affected by the 2020 Beirut port blasts, won the third place at the hackathon.  
 
With the Lebanese nation largely depending on help from other countries in order to provide a much-needed boost to its flailing economy, there is an increasing need for transparent and efficient aid management processes and systems. Following a global conference held in Paris in 2018 that was aimed at taking a collective action to support of the Lebanese economy, many funds and grants were dedicated towards the country. However, some estimates have suggested that a small percentage of the aid disbursement could potentially be subject to “waste” or “leakage” in the current system in place, and while political corruption has been affiliated as one of the causes, inefficient and outdated aid management procedures are also at fault. 
 
The hackathon was held as a two-tracked event by focusing on the improvements needed in current foreign aid management processes, and on innovative and relevant ideas that employ data for doing good in social and economic sectors. 
 
"Big data and blockchain can be leveraged for a sustainable foreign aid framework in Lebanon, and the Data for Good hackathon is the right vehicle to tap into our youth’s skills for devising solutions that can lead to better targeting, enhanced efficiency, transparency and accountability of aid management,” said Zeina Kassem, economist and​ senior expert at Inventis Corp, at the event. 
Home

Copyrights © 2021 The Unlock Company DMCC

Stay updated with the latest Blockchain news. Subscribe and never miss a story!