Cryptocurrency, International Aid, and Development: Opportunities and Challenges.
Publication Date: 11/11/2024
Author(s): Oladipupo AbdulMalik Olalekan.
Volume/Issue: Volume 7 , Issue 4 (2024)
Abstract:
In this study, the author focuses on how cryptocurrency and blockchain technology can be used to improve deliver of international aid since traditional methods include problems such as corruption, inefficiency and lack of transparency. The main research question addresses the question of how Cryptocurrency could enhance efficiency, enhance transparency, accountability, and fight corruption in the dispensation of aid. The authors performed a qualitative content analysis of data collected from multiple articles, reports, and case studies including World Food Programme and UNICEF. The study shows that blockchain’s distributed digital ledger minimizes misappropriation of funds risk, maintains real-time tracking; cryptocurrencies, specifically stablecoins, are more effective in real and low-cost transactions. Nevertheless, the work also points to the threats evident in legal and regulatory frameworks, low levels of digital literacy, and technological constraints. In conclusion, if all the challenges are solved, the cryptocurrency will enable the complete redesign of the distribution of the funds for aid.
Keywords:
Cryptocurrency, Blockchain, International aid, Corruption, Development.
