impactMarket is ending extreme poverty through Unconditional Basic Income (UBI)
LISBON, Portugal, May 27, 2021 /PRNewswire/ -- impactMarket is a decentralised anti-poverty platform that allows backing communities globally where people live with less than 1.9 US dollars per day. Launched in 2020, impactMarket is already the biggest UBI system using blockchain technology, backing more than 16,000 people in 15 countries. The end goal is to eradicate extreme poverty by 2030.
According to the United Nations, about 700 million people live below the extreme poverty line, a social problem with direct consequences in accessing water, food, health care and education. Aware of the issue, impactMarket aims to help mitigate extreme poverty globally while promoting local and social change for economic growth, positively impacting the global economy and health.
"The blockchain system manages UBI contracts and distributes the money available to people enrolled in communities. It uarantees an income base that allows access to basic resources like food and education, enabling people to get a decent job for better conditions, which directly impacts the world economy," explains Marco Barbosa, impactMarket's co-founder.
An example is a refugee couple in Ghana with four children, one with Rett Syndrome and two with the possibility of developing it. The family joined impactMarket aiming to support hospital travel and medical expenses. With access to the UBI, the couple started selling small products, generating enough resources to build the first hair salon in the Krisan Refugee Camp.
Blockchain for Sustainable Development Goal (SDG) 1 - No Poverty
Blockchain, a decentralised, open and transparent network, prevents fraudulent processes and corruption in managing grants — a widespread problem, especially in developing countries, where this aid is crucial. With internet access and a smartphone everyone can make donations or, by registering in a community that verifies the integrity of the situation, receive donations and raise the amount (no need to own a bank account).
impactMarket has already removed 0,0015% people from extreme poverty, representing 600,000 dollars within 60 communities
300 donors contributed enough to guarantee an unconditional basic income to 16,000 people in countries like Argentina, Brazil, Philippines, Ghana, Nigeria, Uganda and Venezuela (refugee camps, poor neighbourhoods, slums). The team plans to cover communities in Yemen, Mozambique, Zimbabwe, Somalia and Afghanistan soon.