Israeli blockchain platform Orbs will reportedly help the Trump administration develop blockchain solutions for the region’s longstanding political conflicts.
Orbs is a public blockchain that scales base-layer protocols. It serves as “universal second layer for decentralized applications in need of more secure, scalable, and cost-efficient solutions while leveraging the liquidity of a base layer.”
As per the report, Orbs cofounder Netta Korin said that the company has been “working with the U.S. Administration and the State Department… on several projects that are currently in stealth mode.”
She further added that she was invited to Bahrain to “show the immense potential blockchain technology has to solve some of the problems governments are facing in an efficient and transparent matter.”
Calling the new initiative as a “paradigm shift,” Korin said the economic aid to the Palestinian people will soon be based on investments, instead of the usual donations.
Orbs is currently working with Palestinians “on both the design of these projects and the implementation on the ground,” Korin said without giving specific details.
The announcement came from this week’s summit in Bahrain that was organized by the White House to tackle Israeli-Palestinian conflict. The U.S. government is reportedly allocating $50 billion for its “Peace to Prosperity” plan.
As previously reported, Orbs secured 139,000 ether ($12,371,000) and 892 bitcoin ($3,017,026) with the help from South Korean app provider Kakao. The over $15 million funding will be used for the development and growth of the startup’s protocol.
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