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The Everest technology company is joining forces with the Indonesian government to prevent fraud and improve the distribution of energy subsidies to more than 50 million people.
According to the founder of Everest, Bob Reid, the government distributes about $ 7 billion in financial aid each year. And of this, over $ 1.3 billion have not been registered.
As a result, this is the puzzle that the Everest will have to solve.
In a statement announcing the collaboration, Reid said the technologically innovative approach to grant distribution would have many advantages.
"The Indonesian government is modernizing the provision of government services, reducing loss and enabling banking services with greater financial inclusion".
The San Francisco-based company is combining identity with the blockchain and has produced the popular EverestID and Ever Wallet. Their products use biometric authentication and the ledger blockchain system to track transactions.
Indonesians who receive subsidies would be able to verify their identity quickly and accurately, to ensure that funds are not mismanaged or stolen. It is an innovative solution for a serious social problem.
Switched to the present
It's a big business for the small start-up founded in 2017. But the 12 Everest employees are trying to drive social change and are ready for the challenge.
In a conversation with Forbes Magazine, the founder of Everest, Bob Reid, stated that the company's goal is to stop trafficking in human beings and reduce lending fees for low-income people.
This begins by entering all members in a global identity service. If a child disappears, parents would have the option of marking their child as missing. And if a low income person pays high interest rates, he could prove his identity on the blockchain to guarantee lower rates.
Reid also focuses on the modernization of economies in underdeveloped countries, bringing people from barter to blockchain all at once.
"[I hope] bringing people from the ninth-century economy to a 21st century economy in one step ".
In Sub-Saharan Africa, Everest is working to reduce the costs of transporting food, medical supplies and other goods. The company is associated with the investment company of 1000 Alternative Impacts and looking for ways to improve the quality of life in the region.
And what started as a transport project has then expanded. Everest is behind a series of start-up incubators for African entrepreneurs and visionaries with ideas but without capital.
Everest uses the blockchain "to elevate humanity". To learn more, listen to this episode of the Crypto Street Podcast.
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