BanQu tracks donor funding for COVID-19 relief
Results
26 COUNTRIES INVOLVED.
20 INTERNATIONAL AGENCIES SUPPLIERS INCLUDED.
100% TRANSPARENT TRANSACTIONS BETWEEN ISDB, MEMBER COUNTRIES, AND INTERNATIONAL AGENCIES.
Big Picture
BanQu has been working with the Islamic Development Bank (IsDB), providing its Global Coordination Platform since April of 2020. With more than 50 member countries, IsDB is operating some of the most diverse, global supply chains in the world and the majority are working within the platform.
COVID-19 has caused many problems, including an elevated concern about issues like supply chain transparency and accountability. But even before the pandemic, issues of transparency and traceability, including supplier certification and accurate financial and delivery records, plagued the member country supply chains.
Problem
When COVID hit, the need for transparency and accountability became even more critical to the health and operation of supply chains. It was extremely important to all countries, and everyone along that supply chain, that the acquisition and dissemination of COVID supplies like ventilators, masks and other physical goods, and associated funding were properly attributed and efficiently procured. In fact, without that funding efficacy, these countries faced more barriers than they had to in getting back on their feet. Meanwhile, it was just as important that IsDB was able to ensure that its funding wasn’t misused or misappropriated.
Enter BanQu
Solution
Sowing a Better Ecuador through Traceability and Transparency
The IsDB recognized how powerful Blockchain could be in creating a more transparent and traceable supply chain and enlisted BanQu as their Global Coordination Platform valued partner. The BanQu platform was the perfect fit to help member countries to Respond, Restore, and Restart their COVID-19 impacted economies.
With smart contracts, which enable automatic transactions once a set of pre-established rules are met, and a shared ledger that accounts for every payment and delivery, Banqu’s Blockchain solution provides an infrastructure for previously unseen levels of accountability and transparency. Blockchain also enables an avenue for supplier certification, and gives IsDB more visibility and control over how its funding is used. The solution was so effective, in fact, that it became evident that aid agencies — multinational banks, NGOs and trade finance organizations — should be using this model.