DEIP Budget Transparency establishes a blockchain network between the organizations which are involved in the budget distribution process. Blockchain technically ensures each member follows implemented standards – rules, policies, requirements – established in the network and regulating the relationship within it.
Blockchain technology can increase the efficiency of the processes, reduce OPEX, improve regulatory control, and remove multiple intermediaries. The technology enables transactions to be more transparent, nearly instantaneous, censorship-resistant, and without the need to trust a central party.
Control of access to and protection of personally identifiable information (PII) and sensitive/proprietary information
Use all the information as an input for artificial intelligence and analytics for effective decision-making
Integrate processes of Governmental and nonGovernmental organizations with the clear definition of responsibilities and accountabilities
The infrastructure is easily scalable – thousands of scientific organizations can join it to both contribute to and benefit from the network.
With this solution organization can Increase transparency and accountability
Monitor the full path of distributed funds and audit real-time payments of financed parties.One of the advantages of the system is the ability to tokenize budget with the following disbursement of the funds through the asset-backed token system and consequently optimization of the payment process and money transfer commission reduction.