A public record known as the blockchain uses digital signatures to verify each bitcoin transaction’s authenticity and guarantee that the data contained within has not been altered. As a result, the blockchain’s transactions and the ledger itself are regarded as having the highest level of integrity.
People once believed that bitcoin was the only use case for blockchain in the early days of cryptocurrencies. Today, it is quickly becoming clear that technology has broader applications than only bitcoin or other digital currencies. Blockchain has the ability to completely transform almost every business, but nowhere will this be more apparent than in the world of philanthropic giving.
For charity organizations, blockchain presents a rare window for transparency and honesty, which could help make them more trustworthy in the eyes of backers. Some of the problems that nonprofits grapple with involve lack of accountability for how money is spent and transparency. Donors are sometimes reluctant to give because they cannot be sure where their funds are going to or who they are helping with their donation. Over time, such concerns can cause them to become disenchanted.
This makes it hard for charity organizations to attract sponsors or retain them. However, blockchain is fast raising trust in the system by showing philanthropists where their money is going. The technology achieves this by making the system wholly transparent and information, easily accessible. Here’s how blockchain enhances transparency and trust in charities:
- Funds go directly to the cause donors are contributing towards. Thanks to blockchain technology, donations need not pass through intermediaries any more. Instead, they go straight to the recipients and the companies that are in a position to assist them. This help ensures that there’s less room for fraud or financial leakage in the system and that monies aren’t going into the wrong pockets. The result is that donors feel more encouraged to give.
- All transactions are traceable. Distributed ledgers can be used to track transactions. Such improved traceability makes it easier to monitor how funds are being spent. As a result, donors can see even from a distance, how their funds ended up helping the people that charity foundations claim to assist.
- Blockchain makes it easier to tell well-intentioned organizations apart from fraudulent ones. Since donations made using cryptocurrencies can be traced, it becomes easier for donors to identify the organizations that are furthering their cause from those that only seek to enrich a few individuals. This way, they get to know the right charities to work with.
Overall, blockchain and cryptocurrency will help ensure efficiency and give backers confidence that their donation is being put toward the cause that they support.
Well-intentioned organizations need to embrace the technology if they plan to improve transparency as well as track and transfer funds quickly. It is for all these reasons that platforms such as Sponsy seek to help Businesses to deliver greater transparency and trust through the blockchain technology.
Chris Bouchard is a strategic consultant who works with non-profit leaders and social entrepreneurs to apply concepts and techniques to identify complex strategic issues, find practical solutions, and devise strategies to create and win a unique strategic position. He also offers project development, proposal writing, and project evaluation services.
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