AST Digital Magazine July 2017 Digital-July

Volume 14 tion As refugees purchase their food items using the eye, financial transactions are instantly settled on an Ethereum Blockchain which was specifi- cally developed for that purpose. This is largest permissioned (private) Ethereum Blockchain implementation the world has seen to-date. July 2017 Edition Additionally, the EyePay® platform does away with the time-consuming and expensive card is- suance and maintenance process while not rely- ing on the presence of a smartphone with every refugee. These are formidable challenges for a Block- chain success in the immensely unbanked hu- manitarian world. Securing the last mile in Blockchain using the EyePay® system was envisaged by IrisGuard where, in-lieu of people receiving the Blockchain cryptic private key, which is the weakest link in Furthermore, the blockchain automatically re- cords transactions on a secure ledger, and there- fore merchant settlement is instantaneous, which means shorter payment cycles as compared to traditional banking and third-party processor the chain, their eyes becomes that key; it cannot be lost, stolen, forged, copied or forgotten. methods, something which merchants welcome tremendously. Image courtesy of IrisGuard Imad Malhas, Founder and CEO of IrisGuard Inc By streamlining the process within the EyePay® Platform, IrisGuard: • Ensures that large-scale Blockchain deploy- ments are possible and in the process, • Eliminates fraudulent transactions and mis- appropriation of funds while reducing fees considerably. With annual poverty assistance alone exceed- ing $400bn, the EyePay® can play a preeminent role in effectively streamlining the Blockchain and bringing it to the mass market with millions of aid dependent persons benefiting from imme- diate financial inclusion as a direct result. This is precisely what International donors are looking for in-order to stretch their humanitarian donations even further, in-order to cover more beneficiaries particularly with today’s enduring deficit in international humanitarian funding. “IrisGuard is proud of its partnerships with UN- HCR, WFP, UNICEF, IOM and all UN agencies and NGO’s trying to make a sustainable differ- ence in the lives of impoverished, undocument- ed and defenseless refugees,” commented Imad Malhas, Founder and CEO of IrisGuard Inc. “We hope to continue doing our part in realizing 49

AST Digital Magazine July 2017 Digital-July | Page 49