The objective of this project is to develop a proof-of-concept solution that uses block-chain technology for the management of Corporate Social Responsibility (CSR) funds which have to deployed in government-mandated areas of social sector development. This involves stake-holders such as i) Government agencies which approve specific areas for deployment of CSR funds, ii) Corporate entities which provide the CSR funds for deployment in government-approved social-sector schemes, iii) The target beneficiaries of a specific intervention promoted and funded by a specific corporate entity, iv) Case workers who directly interface with beneficiaries within their local communities to provide local delivery of services, and v) NGOs and other entities that provide the services to the targeted beneficiaries.
The major problems faced in such social welfare schemes are lack of transparency, leakage of funds or benefits outside the circle of targeted beneficiaries, higher transaction costs due to leakages, insufficient measurement of success indicators.
Some of the key features of block-chain technology that will be used in this solution are i) a strong security architecture, ii) a distributed ledger to bring transparency into the system, iii) a framework for creating smart contracts between funders and service providers. This will help to create a system that facilitates transparency amongst all stake-holders. The infrastructure should also be scalable and have minimal transaction costs so that the maximum benefit is passed on to the targeted beneficiaries and other stake-holders.
The expected benefits of the framework are: