Recently, UNICEF Innovation Fund announced they would invest $100,000 in six companies. This will enable the startups to develop Blockchain-based projects within 12-months. These projects are prototypes of Blockchain applications that will bring about global solutions in different industries.
Six Companies are Selected Out of a Hundred to Deliver Prototypes
The companies are Atix Labs (Argentina), Onesmart (Mexico), Prescrypto (Mexico), Statwig (India), Utopixar (Tunisia) and W3 Engineers (Bangladesh). They were selected from 100 companies in 50 countries who had also applied for funds. Accordingly, the selected ones will now join 20 other startups which UNICEF Innovation Fund is also managing.
The Fund usually focuses on sponsoring technological projects that will be beneficial to children. In this case, they have noted that some of the problems that are a global challenge include transparency in healthcare delivery and directing resources to social-impact projects. There is also the difficulty of getting affordable access to phone connectivity.
Blockchain Technology is Still at an Early Stage
Chris Fabian, Principal Adviser, UNICEF Innovation outlined that Blockchain is still at its inception stage. As a result, startups will need to experiment with it, and during the process, mistakes are bound to be made. This is because they are trying to know the best sectors to apply this technology to create a better world.
He also added that the initial stage of technology is when the organization makes its investment. These are investments made through financial and technical support to ensure that the Blockchain technology grows with the help of the population. According to him, the growth will be in the “most fair and equitable way possible.”
Fostering the Growth of Blockchain Technology
Several organizations are trying to foster the growth of Blockchain technology by either supporting startups or establishing Blockchain courses in schools. In the case of the former, Western Australia launched a Blockchain center last week. This is a center that will provide the capital needed by startups in developing quality Blockchain-based projects.
Also, the Japanese Banking company, Sumitomo Mitsui Financial Group, as well as other platforms donated $800,000 to the University of Tokyo in November this year. This is to enable the school to offer a Blockchain course for the next three years. This will help to develop the Blockchain talent of those who have an interest in this technology.
A privately owned Bank has decided to be a part of this movement of promoting Blockchain while it’s still at its early stage. The Bank has partnered with the University of Liechtenstein to sponsor Blockchain projects for the next five years. Asides from Blockchain, they’ll also be considering Fintech projects.