@LifeWithBlockchain: Executive summary - AIDED revolutionizing payments for people in need
Our business idea AIDED offers blockchain based money transfer for each donated dollar to persons in need. AIDED is using features exclusive to a private blockchain such as smart contracts, digital identities, and wallets to realize our vision of “giving every person the chance to have a life worth living.” By using available data from people at refugee camps, digital wallets are created and can be accessed through a double identification process to make sure the money land in the hand of people in need - our primary user.
The business idea is based on the concept, to permit 100% transparency over aid funds, to track transactions from the origin to its desired aid project and to serve more accurate data. This is achieved by the use of Blockchain Technology. An immutable disintermediated and trusted database which comprises several blocks as one blockchain.
To achieve this objective, the integration of smart contracts, digital identities, and wallets, and a private blockchain is required.
Recently, donations have declined or stagnated at best in part due to scandals involving NGOs or the fear of a large part of the donations being lost to corruption. AIDED will alleviate several pain points by reducing financial crimes through smart contracts, cutting costs by 70 %, including transaction, auditing - through tamper-proof records - and operational costs. Moreover, the level of transparency is significantly increased with real-time tracking of donations. A state-of-the-art data analysis tool allows our main customers, charity organizations, to steer their operations more efficiently.
Transparency and Traceability establish an exclusive customer experience and therefore tighten customer loyalty. Furthermore, the new credibility, AIDED delivers to the donation industry, can be an inducement for non-customers to start donating or for established customers to even increase their donations, respectively.
AIDED takes a 1 % transaction fee for each dollar transferred through the system. Since the serviceable market had a size of $116 Billion in 2017, about $226 Million of value can be captured. By 2021 AIDED is expecting revenues about $11 Million, implying it can assert itself on the competing market. AIDED is based on a business model that enables rapid scaling provided we can manage to land contracts with big players such as the UN because it only makes sense to choose one provided of blockchain-based technology to change how financial transactions are handled for people in need in one camp.