On the International Day of Charity, a panel of leading experts revealed how the blockchain can help transform the sector and be a force for good.
Public confidence in charities is at an all-time low thanks to a series of exposes that show just how much of every dollar donated actually filters through the chain. It isn’t an impressive figure in most cases and much of the $410 billion donated in the US alone last year was simply wasted.
In 2017 the Federal Trade Commission took action against the Cancer Fund of America and challenged its status as a charity when it revealed that just 3% of donations reached their final destination. In the wake of the devastating 2010 earthquake in Haiti, The Red Cross collected $488 million in donations and four years later it was reported to have built just six houses to help the 100,000 left homeless.
How Can The Blockchain Change Charity?The blockchain has the potential to change the face of charity and put the donor in direct contact with the recipient. It provides accountability throughout the chain and let’s everybody know just where there money has gone. Smart contracts can trace your money from the moment you donate to the moment it changes a life. It doesn’t just instil confidence, it also provides that ‘feelgood moment’ that could encourage more charitable donations.
It’s a vital step-change for charities around the world, and a series of startups and ICOs are focused on bringing clarity to a relatively murky industry. The blockchain can also unite disparate charities that are working towards the same goals. That can eliminate waste, streamline administration and logistics and help more good causes.
A number of charities are working on blockchain-based solutions and here are what two leading lights have to say about the future of giving.
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