Blockchain refers to the technology of public books where each Cryptocurrency transaction is signed digitally to confirm its originality and ensure that the information in it is not damaged. Thus, the operation recorded on the blockchain and the ledger itself is considered the highest level of integrity.
In the early days of Cryptocurrency, people think that Blockchain is about Bitcoin. Today, it becomes clear that this technology is more than just bitcoin, or digital currency in this case. But while Blockchain has the potential to revolutionize almost every industry, it will not impact it will be more clear than in charity.
For charity organizations, Blockchains presents rare windows for transparency and honesty, which can help make them more trustworthy in the supporting eye. Some non-profit problems wrestle by involves a lack of accountability for how money is spent and transparency. Donors are sometimes reluctant to give because they cannot be sure where their funds will go or with whom they help their donations. Over time, such problems can cause them to become disappointed.
This makes it difficult for charitable organizations to attract sponsors or maintain it. However, Blockchain quickly increases trust in the system by showing philanthropics where their money goes. The technology reaches this by making the system fully transparent and information, easily accessible. This is the way blockchain increases transparency and trust in charities:
Dana goes directly to the cause of the donor to contribute to. Thanks to blockchain technology, donations do not need to go through the intermediary again. Instead, they go directly to the recipient and companies that are in a position to help them. This assistance ensures that there is little room for fraud or financial leakage in the system and that money does not enter the wrong bag. The result is that donors feel more encouraged to give.
All transactions can be tracked. Distributed ledgers can be used to track transactions. Enhanced searches like that make it easier to monitor how funds are spent. As a result, donors can see even from a distance, how their funds finally help people claimed by the charity foundation to help.
Blockchain makes it easier to tell the organization that intends both fraudulent. Because donations made using cryptocurrency can be tracked, it becomes easier for donors to identify organizations that advance their reasons from those who only try to enrich some individuals. In this way, they know the right charity to work with him.
Overall, Blockchain and Cryptocurrency will help ensure efficiency and give trust to supporters that their donations are included in the direction they support.