Corporate Finance News

Lundi 2 Mai 2016

Start Network and Boardroom partner on blockchain pilot to test decentralised solutions for crisis response

Start Network and ConsenSys have launched an innovative pilot project to test blockchain technology to enable Start Network member NGOs (non-governmental organizations) to make more efficient and transparent decisions about funding for crisis response.

The pilot for decision making within the Start Fund, the Start Network’s unique rapid response mechanism, is the first project of its kind to be actively tested. Under the Start Fund, authority is delegated by donors to NGOs to make decisions on where the funding is spent, with a response time of less than 72 hours. NGO staff collectively engage at the decision making, planning, implementation and evaluation phase of crisis response. Local actors are also able to access Start Funds and participate in the decision making process. The vision is to connect people affected by crises to a more effective humanitarian response.

The pilot uses the Ethereum platform to provide the necessary infrastructure to support decision-making processes for effective fund management by a distributed group of actors at a global scale. ConsenSys is supporting the project by building the pilot on Boardroom, a decentralised digital governance platform that runs smart contracts on blockchain: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference.

Sean Lowrie, director of the Start Network said “This is a hugely important project. The Start Network seeks to shift power dynamics and incentive structures to create a more efficient, accountable, transparent and legitimate humanitarian system. We need locally controlled funding mechanisms that place power in the hands of local people, and which provide governments with the assurance of a coherent and effective crisis response, while connecting those mechanisms into a network will provide all people with a resilient humanitarian system. This technology could potentially support the transformation needed in humanitarian response, to ensure that we can connect people in crisis to the best possible solutions.”

Joseph Lubin, founder of ConsenSys said, "The Start Network does outstanding humanitarian work, and ConsenSys is proud to partner with the Start Fund to provide governance in fund allocation and dispersion through the BoardRoom dApp. This pilot values transparency and democratic principles; making a partnership with the empowering, open & secure Ethereum technology a natural fit."

The long term vision of the project is to support the Start Network’s ‘grand bargain with the future’ which aims to build a new humanitarian economy with decentralised power, distributed ownership, and democratic governance of capital, capacity and control. The project partners, and the Start Network members, believe that Boardroom can be a critical contribution towards fulfilling that ambition.

About the Start Network
The Start Network is an international network of humanitarian NGOs, working together to connect people in crisis to the best possible solutions. The network provides pooled approaches to humanitarian financing, capacity strengthening, and innovation, as well as platforms to enable collaborative decision-making and provision. The Network currently extends to 27 member agencies from the UK, Germany, Ireland, Kenya, Norway, Pakistan, Qatar and the USA. These members employ more than a quarter million people and operate in 200 countries, working through some 5000 partner organizations.

About the Start Fund
The Start Fund is the first multi-donor pooled fund managed exclusively by NGOs and was created to fill a gap in humanitarian funding. The Fund enables NGOS and their local partners to respond early and fast to underfunded small to medium scale crises, signals of impending crises, and spikes in chronic humanitarian crises.

About BoardRoom
BoardRoom is a next-generation organization governance apparatus that enables decentralized decision making on the blockchain.

About ConsenSys
ConsenSys spawns, coordinates, incubates and accelerates blockchain focused Spoke Ventures (SV’s) via internal development, merger & acquisition, investment and joint venture. Founded by Joseph Lubin, a Co-Founder of The Ethereum Foundation, ConsenSys is based in Brooklyn, NY and is comprised of personnel from around the world.

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