How Blockchain Technology will add Transparency to Charities
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The benefits of blockchain technology are opening a new door of different operating models for many organizations. For an instance, charities, they manage large amounts of income and their requirement is complex accounting and they need to go through a lot of research, such charities can have a huge advantage from blockchain technologies on a very larger scale.
Charities that are supporting various causes like victims of wars, victims of human trafficking, domestic violence, violence against children, scientific research or those that support the art of the society receive millions of donations once they have established a name and credibility. But that may take a long time to be established. Even though people generously contribute to such charities, there is still a sect or a community of the society that does not trust a charity on an entire level. A charity association will always have its credibility at stake.
But the advent of blockchain technology could change the way how people used to look at charities. That is because with the help of a blockchain technology, everything is going to be handled through a transparent ledger and the contributors will be able to identify where their money is going and how. It will also help to maintain the credibility of a society.
Features of blockchain technology
- It is transparent. The ledger will be seen by the public and by any user and whichever system you install on it is completely transparent so there is no point of any kind of doubt.
- The ledger is owned and used by the public so there is no involvement of a third party that automatically reduces the transaction cost.
- Blockchain technology’s core purpose is to build trust. Since there is no involvement of a third party, all the transactions are crystal clear for the user and it helps builds up his trust in the firm.
- Blockchain innovation gives an approach to speak to any advantage, unmistakable or not, in the advanced world. It does this in a way that possession status can be recognized anytime while being totally coordinated with computerized installment instruments.
What are its benefits?
Since the blockchain technology is decentralized, it gives the concept that it is not owned by a single person or a single or any organization but the owners and runners of it are public itself. The transactions made on a blockchain form do not require middlemen like PayPal, or MoneyGram since the ecosystems involved can be used to create triggers. It is thoroughly owned by the users so whatever transaction or contribution they make goes directly to the charity without any other involvement.
Blockchain technology was based on providing transparency in transactions to the users. Any client of the framework can see precisely who claims what at any given time, and who has offered what to whom. In this way, with regards to cash; since digital money is non-fungible (i.e. each piece is remarkable so one piece can't basic be traded for another), an individual benefactor would have the capacity to track their donation right through the charity and out to the other side. Its biggest incentive is that it does not cost additional taxes or anything of that sort, making it more convenient for the general public.
So, what they say might be true after all. We can actually revive the credibility of charitable agencies through blockchain technology. Once the person who’s donating knows his money is going at the right place, he’ll have no problem donating and charities can earn credibility and trust from the people along with continuing to help those who are in dire need.
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