The transactions made in cryptocurrency are easily traceable, since the transaction information gets registered on a public ledger. By distributing funding in cryptocurrency, UNICEF, donors, recipients, and the public can track where funds are going and how it is being spent – providing an unprecedented level of transparency in the NGO and funding space.
This technology relies on cryptography and immutability. This means that the information available on Bitcoin and Ethereum blockchain is kept in a way that is verifiable and permanent. No one can lie on these cryptocurrency technologies.
Fast transfer of funds
Cryptocurrencies allow for the global movement of funds at a rate that is faster than existing systems (2-3 days). The Bitcoin blockchain has a settlement time of around 60 minutes and the Ethereum blockchain has a settlement time of around 6 minutes.