Rahat’s Rumee Singh Enhances Financial Resilience with Blockchain

Rahat,
a
groundbreaking
initiative
spearheaded
by
Rumee
Singh,
is
making
significant
strides
in
providing
financial
resilience
to
underserved
populations
through
blockchain
technology.
According
to

Circle,
the
project
aims
to
address
the
financial
inclusion
gap
in
Nepal
and
beyond,
leveraging
digital
dollars
like
USDC
to
offer
financial
services
to
those
neglected
by
traditional
banking
systems.

Blockchain:
A
Tool
for
Financial
Inclusion

Blockchain
and
digital
currencies
have
shown
immense
potential
in
expanding
financial
services
to
the
unbanked.
With
nearly
1.4
billion
people
globally
lacking
access
to
banking,
blockchain
provides
a
viable
solution.
Singh
founded
Rahat
in
2020
in
her
native
Nepal
to
channel
humanitarian
aid
more
efficiently
to
vulnerable
populations.
As
climate
change
threatens
to
push
an
additional
130
million
people
into
extreme
poverty
by
2030,
particularly
in
sub-Saharan
Africa
and
South
Asia,
initiatives
like
Rahat
are
crucial.

Recognition
and
Support

Rahat
recently
gained
significant
recognition
by
winning
Circle’s

Unlocking
Impact
pitch
competition
in
April
2024,
held
in
Paris.
The
victory
awarded
Rahat
a
75,000
USDC
grant
and
mentorship
from
Circle,
the
World
Food
Program,
and
the
International
Fund
for
Agricultural
Development.
Upcoming

Unlocking
Impact
pitch
competitions
are
scheduled
for
New
York
this
September
and
Washington,
DC,
in
October,
coinciding
with
major
international
events.

Innovative
Use
of
Blockchain

Rahat
employs
blockchain
technology
and
smart
contracts
to
deliver
aid
promptly
and
accurately.
Beneficiaries
receive
payouts
directly
to
their
phones,
even
before
climate
disasters
strike.
This
is
made
possible
through
smart
contracts
that
verify
predefined
climate
risk
triggers
using
multiple
independent
sources.
Rahat’s
system
can
operate
in
low-tech
environments
using
SMS
and
USSD,
allowing
beneficiaries
without
smartphones
to
redeem
tokens
for
goods,
services,
or
local
currencies.

To
date,
Rahat
has
reached
20,000
beneficiaries
across
Nepal,
Pakistan,
and
Indonesia,
with
support
from
various
donors
and
partners.
This
monsoon
season,
Rahat
is
collaborating
with
the
Danish
Red
Cross
in
Nepal
to
enhance
anticipatory
action
workflows
and
support
over
5,000
households.

The
Role
of
USDC

USDC
plays
a
pivotal
role
in
Rahat’s
operations,
offering
beneficiaries
the
ability
to
store
and
spend
in
the
global
economy.
The
transparency
and
traceability
of
blockchain
ensure
that
aid
reaches
the
intended
recipients
without
the
risk
of
corruption.
USDC’s
portability
and
low-cost
access
make
it
an
ideal
tool
for
humanitarian
aid
programs.

Future
Prospects

Looking
ahead,
Rahat
aims
to
expand
its
reach
further
into
Asia
and
Africa,
targeting
over
500,000
beneficiaries
in
the
coming
years.
The
initiative
is
also
exploring
additional
products
like
microinsurance
and
savings
to
build
broader
financial
resilience,
all
powered
by
USDC
and
blockchain
technology.

Rahat’s
success
showcases
the
transformative
potential
of
blockchain
in
humanitarian
efforts,
offering
a
scalable
and
transparent
solution
to
some
of
the
world’s
most
pressing
challenges.

Image
source:
Shutterstock