International officials are discovering they can sometimes avoid bank fees by replacing currency transfers with the technology at the heart of bitcoin.
The World Food Programme is expanding its blockchain-payments system, said Robert Opp, a director of the United Nations effort that feeds as many as 100 million people across 80 countries. The agency expects to cut millions of dollars in bank transfer fees by switching to distributed ledgers based on Ethereum's digital-currency network, he said.
“We felt we could replace the services offered by banks with blockchain,” said Mr Opp, who manages innovations that help WFP better spend its annual $6 billion budget. “Blockchain helps promote collaboration by providing enormous amounts of data.”
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Read more:
World Government Summit: Where does the future lie for bitcoin?
Abu Dhabi Securities Exchange signs agreement with Swift and other parties to adopt blockchain technology
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The adoption of the distributed-ledger technology shows how companies that need to make money transfers, register sales or even tally votes are picking and choosing among innovations of the bitcoin revolution, many times choosing not to use the digital coins associated with them.
Digital registries hosted on a worldwide network of computers are being tested in many settings for potential to reduce bank wire-transfer costs. Ethereum allows users to issue so-called ether tokens that can be tailored to specific needs. The ether coin has jumped in value in the last three months.
WFP began developing its blockchain in 2016 and currently is testing the system with 100,000 Syrian refugees who receive food assistance in Jordan. The programme in Jordan alone could save $150,000 a month and eliminate 98 percent of bank fees related to transfers, according to Bernhard Kowatsch, the head of a WFP innovation lab in Munich.
“We’re putting in place a financial infrastructure,” Mr Opp said.
The UN program distributes about $1.4bn annually of food vouchers and digital entitlements, he said.
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AUSTRALIA SQUAD v SOUTH AFRICA
Aaron Finch (capt), Shaun Marsh, Travis Head, Chris Lynn, Glenn Maxwell, D'Arcy Short, Marcus Stoinis, Alex Carey, Ashton Agar, Mitchell Starc, Josh Hazlewood, Pat Cummins, Nathan Coulter-Nile, Adam Zampa
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Results
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if you go
Getting there
Etihad (Etihad.com), Emirates (emirates.com) and Air France (www.airfrance.com) fly to Paris’ Charles de Gaulle Airport, from Abu Dhabi and Dubai respectively. Return flights cost from around Dh3,785. It takes about 40 minutes to get from Paris to Compiègne by train, with return tickets costing €19. The Glade of the Armistice is 6.6km east of the railway station.
Staying there
On a handsome, tree-lined street near the Chateau’s park, La Parenthèse du Rond Royal (laparenthesedurondroyal.com) offers spacious b&b accommodation with thoughtful design touches. Lots of natural woods, old fashioned travelling trunks as decoration and multi-nozzle showers are part of the look, while there are free bikes for those who want to cycle to the glade. Prices start at €120 a night.
More information: musee-armistice-14-18.fr ; compiegne-tourisme.fr; uk.france.fr
Killing of Qassem Suleimani
City's slump
L - Juventus, 2-0
D - C Palace, 2-2
W - N Forest, 3-0
L - Liverpool, 2-0
D - Feyenoord, 3-3
L - Tottenham, 4-0
L - Brighton, 2-1
L - Sporting, 4-1
L - Bournemouth, 2-1
L - Tottenham, 2-1
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Most match wins on clay
Guillermo Vilas - 659
Manuel Orantes - 501
Thomas Muster - 422
Rafael Nadal - 399 *
Jose Higueras - 378
Eddie Dibbs - 370
Ilie Nastase - 338
Carlos Moya - 337
Ivan Lendl - 329
Andres Gomez - 322
