Everest co-founder Bob Reid says his company is working with the Indonesian government on a landmark project that will allow them to biometrically track and issue energy subsidies.
Speaking to EAK TV, Reid said the Indonesian government currently distributes $7 billion to 50 million people, but they cannot verify that a massive $1.3 billion has been properly distributed.
He believes integrating identity with the blockchain will help governments distribute resources more fairly and offer everyone more transparency. He said:
“You have a foundational element, which is identity, and from there you can take people to the middle ages of an economy to a 21st-century economy very quickly.’
Launched in 2017, Everest is trying to put identity on the blockchain to bring scalable tech innovations to billions of under-served users. Using Everest’s EverID and Ever Wallet blockchain solution the Indonesian government will be able to cryptographically and biometrically ensure all of the money that is distributed goes to the right person, down to every individual, helping the government save $1.3 billion in lost payments.
Being one of the few blockchain projects to sign deals with a government sets the Everest venture apart. Reid believes working with NGOs and governments to solve real problems is helping the team produce value beyond the hype that currently surrounds blockchain startups.
“Across the board we’ve been finding everyone really open to it,” he said. “The majority of central governments care about their people. We’re seeing a lot of people who are saying this is a great way to service our population. Even the Colombian President said blockchain is a great example of how to help people and reduce corruption.”
Everest may be a small team with just 12 employees, but they hope to expand quickly to serve other governments across the world.
Reid said Malta was one of only a handful of jurisdictions, including Singapore and Switzerland, that are creating a legitimate framework for digital assets and innovative entrepreneurs.
Everest now plans to launch a remittance program in the first quarter of next year.
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