NAIROBI — While some players in the international aid sector are capitalizing on blockchain technology to improve programming, others in the sector are also using the technology internally in their organizations, in areas such as improving efficiencies around human resource processes.
Blockchain has been praised as the next major transformative technology in development and humanitarian relief, mainly because of its potential to create efficiencies in areas such as supply chain logistics. The technology uses a decentralized network to record and authenticate transactions and is valued because of its heightened security, transparency, and ability to streamline processes.
Konektid International, a consulting firm that advises organizations that work with the United States Agency for International Development, is planning to begin offering payments to employees in cryptocurrency this month, as well as accept it as payments from clients. Blockchain technology is used in the transfer of cryptocurrencies. The firm decided to make this switch in order to avoid expensive wire transfer fees and prevent delays in transfers of payments.
“It’s just a better payment system,” said Mike Shanley, founder and chief executive officer of Konektid. “We want to offer another option for our teams around the world to make the process of delivering development impact more efficient.”