In a bid to prevent fraud and improve the energy subsidy distribution to more than 50 million people, Everest is partnering with the Indonesian government.
Bob Reid, the founder of Everest, told that the government provides a subsidy of $7 billion every year, and out of this huge figure, around $1.3 billion is not being verified.
This is where Everest will help the Indonesian government by allowing them to track and issue the subsidies biometrically. The company plans to integrate people’s identity with the blockchain and believes that this will enable to government to distribute the subsidies more fairly and transparently.
Bob was quoted saying, “You have a foundational element, which is identity, and from there you can take people to the middle ages of an economy to a 21st-century economy very quickly.”
The Indonesian government will use Everest’s EverID and Ever Wallet blockchain to ensure that the distributed money reached the deserving candidates.
What makes Everest different from other similar blockchain projects is the fact that it deals directly with the government. According to Reid, working directly with governments and NGOs ensures that the team produces a real value which is beyond the hype that currently surrounds the blockchain startups.
He said, “Across the board, we’ve been finding everyone really open to it,” he said. “The majority of central governments care about their people. We’re seeing a lot of people who are saying this is a great way to service our population. Even the Colombian President said blockchain is a great example of how to help people and reduce corruption.”
Road Ahead
As of now, Everest is a small team comprising of 12 employees, but they plan to expand quickly and deal with other governments across the world.
Bob, in an interview with Forbes Magazine, stated that Everest’s primary goal is to stop trafficking in humans and reduce the loan fees for low-income people. They plan to do so with the help of blockchain. For example, he explained that if a child gets lost, their parents would be able to mark that their child is missing. Similarly, a low-income person would be able to get lower rates by proving his identity on the blockchain.
The company is working on various similar objectives and plans to reduce the costs involved in medical supplies, transporting food and the likes.
Out of so many projects and ideas that we have come so far, this one surely sounds interesting and holding tangible impacts for the social good!
Related article: