The United Nations Development Programme (UNDP) announces a partnership with Innofund, a blockchain development firm dedicated to creating Web3 solutions that address societal challenges. Together, they will explore leveraging blockchain technology for sustainable development, by addressing governance challenges, promoting financial inclusion, and driving social impact.
Innofund powers Cashdillo, a crowdfunding and grant management platform, which will support UNDP on addressing various challenges, including grant allocation and management, provision of advanced fundraising tools, automating co-financing mechanisms, optimizing data collection, and ensuring seamless impact reporting.
“This new partnership will be first deployed across our work on civil society empowerment through the NGO Empowerment for Poverty Reduction Programme (Tadamon), led by UNDP, ISDB and ISFD, which focuses on supporting civil society organizations (CSOs) by providing capacity-building and development trainings for fundraising and business acceleration,” says Robert Pasicko, UNDP Istanbul Regional Hub’s expert for alternative finance and low carbon development. “We are looking forward to explore and develop blockchain applications to address development challenges in UNDP development projects.”
Notably, blockchain technology will be leveraged to enhance transparency, with the platform offering a comprehensive suite, including matchfunding, crowdfunding, grant management, and an ESG data engine, harnessing the benefits of blockchain such as smart contracts, decentralization, and data transparency.
“We are delighted to be able to partner with UNDP, one of the world’s largest and most respected development agencies, to pilot our bespoke grant management and crowdfunding platform,” says Alex Macbeth, one of the Cashdillo’s co-founders. “We are confident that introducing web3 elements can make the grant management process more efficient and transparent, and ultimately more beneficial for CSOs working on major development challenges, as well as major donors and implementing agencies like UNDP”.
The partnership with Innofund comes as part of a series of collaborations with blockchain technology organizations to build UNDP capacity through education and training and unroll practical applications for sustainable development. Find out more about UNDP’s partnership with Algorand Foundation here and with Cardano Foundation here.
About UNDP:
UNDP is the leading United Nations organization fighting to end the injustice of poverty, inequality, and climate change. Working with our broad network of experts and partners in 170 countries and territories, we help nations to build integrated, lasting solutions for people and planet. Learn more at undp.org or follow at @UNDP.
Photo by Shubham Dhage on Unsplash
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