The Trump administration appealed to the Israeli company Orbs to develop blockchain solutions for resolving long-standing political conflicts in the region.
The statement was made at a summit summoned by the Bahrain White House dedicated to the Israeli-Palestinian conflict. Secretary of the Treasury, Steven Mnuchin, said investment in Palestinian territory would be similar to “a hot IPO.” The White House wants to fund the so-called “Peace for Prosperity” plan with $ 50 billion.
Future means investment
Cofounder Orbs, Netta Korin, told CoinDesk that her team “works with the US Administration and the State Department for several projects that are currently confidential.”
Although he refused to nominate Palestinian partners or specific plans, Korin said his team was working with the Palestinians “both in designing these plans and in implementing them on the ground.”
Korin is co-founder of the Hexa Nonprofit Foundation, which focused on blockchain projects with social impact.
“I was invited to Bahrain to demonstrate the huge potential blockchain technology has to solve some of the problems faced by the government in an efficient and transparent way.”
She also argued that this new approach is “a paradigm shift” in treating economic aid to the Palestinian people.
“If aid so far meant donations, the future will be based on investment. Innovative solutions are sought and will change the game. “
Blockchain solutions to solve political issues in Palestine
US economist Kevin Hassett proposed, for example, the use of blockchain technology to resolve property disputes in Palestinian territories. The idea is to ignore the fact that these conflicts generally involve the Israeli army.
Earlier, an anonymous source of knowledge about Israeli-Palestinian diplomatic relations has told CoinDesk that blockchains have been discussed over the past year to track capital flows in Palestinian territories.
Last October, US Treasury Deputy Secretary, Sigal Mandelker, had a meeting with representatives of the Israeli Bank and the Israeli Finance Ministry. Separately, the Palestinian Authority is also looking for blockchain solutions for revenue management.
For example, Israeli Prime Minister Benjamin Netanyahu’s granddaughter and grandson, Guy and Galia Ben-Artzi, are co-founders of the Bancor blockchain project.
But everyone involved is confident that blockchain technology will play an important role in the future of the Israel-Palestine region.