Cryptocurrencies
Banks Replaced With Blockchain at International Food Program
- UN organization tests digital wallets built on Ethereum
- Technology that underlies bitcoin cuts bank transfer costs
Bitcoin: What’s Coming in the Year Ahead
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International officials are discovering they can sometimes avoid bank fees by replacing currency transfers with the technology at the heart of Bitcoin.
The World Food Programme is expanding its blockchain-payments system, said Robert Opp, a director of the United Nations effort that feeds as many as 100 million people across 80 countries. The agency expects to cut millions of dollars in bank transfer fees by switching to distributed ledgers based on Ethereum’s digital-currency network, he said.