Taking Politics out of Development

 

In 2012 Cambodia received $807 million in foreign development aid. In 2013 Cambodia was ranked the 15th most corrupt country in the world. Taxpayer dollars from Japan, the US, Australia, and other developed nations have poured into countries like Cambodia for decades in an attempt to help the people who live there. In order for funds to reach people in places such as Cambodia, governments have to go through some of the longest serving and controversial rulers in the world such as Hun Sen, Cambodia’s current Prime Minister.  Political deals along with funding and backing between governments were an unavoidable part of the foreign aid equation. Once the recipient government received the funds, there was also no real accountability or transparency in how those funds were used.

Crypto currencies remove governments from the development equation. It simply allows aid money to go directly from donor to cause. A project only needs a QR code and address in order to start receiving funds. Crypto adds transparency to the development equation by making every single transaction accessible to the public through the blockchain. Recipients are accountable only to donors who can see where their money is spent and judge for themselves whether or not to continue supporting projects. This direct type of funding ensures that only the best and most effective development projects last. No favoritism. No bias. No politics.