In association with The U.S. Department of homeland Security (DHS) and The Federal Emergency Management Agency (FEMA), AID:Tech’s technology was deployed in 2019 for disaster relief and forecast-based financing (FbF).
1. A smart ‘FbF’ contract is written to the blockchain. The contract states that once a defined weather event occurs, the smart contract is executed.
2. An event like ‘likelihood of monsoon occurring in Dhaka, Bangladesh’ triggers the execution of the smart contract. Digital assets are automatically distributed to a predetermined population group.
3. Administrator has complete and permanent real-time records of all assets that have been distributed,e.g. 100,000 water vouchers, and all transactions that subsequently occur, e.g. 90,000 water bottles purchased. This data can be used for analysis and future planning.