The UNICEF Innovation Fund was launched specifically to finance early stage and open-source technology that can benefit children. The fund identifies solutions in tech areas like blockchain, machine learning, quantum computing, artificial intelligence (AI), and others. It was announced in a press release by UNICEF today.
The UNICEF Innovation Fund will invest up to $100,000 USD in the six companies;Atix Labs,Onesmart,Prescrypto,Statwig,Utopixar, andW3Engineersto deliver open-source prototypes of blockchain applications within 12-months.
Selected from more than 100 applications across 50 countries, these six companies will build prototypes and systems for global problems like transparency in health-care delivery, affordable access to mobile phone connectivity, and the ability to direct finances and resources to social-impact projects. They join 20 other technology startups currently under management by the Fund in fields from data science and machine learning, to virtual reality, to drones.
“Blockchain technology is still at an early stage — and there is a great deal of experimentation, failure, and learning ahead of us as we see how, and where, we can use this technology to create a better world,” said Chris Fabian, Principal Adviser, UNICEF Innovation.
“That’s exactly the stage when UNICEF Innovation Fund invests: when our financing, technical support, and focus on vulnerable populations can help a technology grow and mature in the fairest and equitable way possible.”
These investments are part of UNICEF’s larger blockchain explorations of using smart-contracts for organizational efficiencies, creating distributed decision-making processes, and working to build knowledge and understanding of distributed ledger technology both in the United Nations and in the countries where UNICEF works.
In addition to funding the start-up companies, UNICEF’s Innovation Fund will provide product and technology assistance, support with business growth, and access to a network of experts and partners. The Fund also actively seeks second-round investment and support for companies it has invested in, as well as the opportunity to scale-up these technologies, when they are successful, in the more than 190 countries and territories where UNICEF operates.
In February, UNICEF started a kind charity drive for Syrian children, by asking PC gamers to use their computers to mine Ethereum (ETH) and donate their earnings. UNICEF said it would use the donated Ethereum to give children access to water, education, and health and hygiene services.
Crypto markets are in the red and looking at that many immature investors predict the end of the road for Blockchain technology. When on the other hand right now, there are revolutions taking birth in this place every single day. One just has to be willing to learn about Blockchain Technology.