Benefits of Implementing Blockchain Technology in Charity
Charitable giving is on the rise, mostly due to resilient economic conditions in North America and Europe over current years. According to Giving USA , 2017 was the first year that contributions from the US crossed the $400 billion mark, a rise of five percent over the preceding year. While contributing to charity may deliver us with a warm glow, few people stop to consider exactly where their donations end up. Charity fraud is a global issue, creating a risk that donated funds end up being siphoned off through scams or corruption. What can Blockchain do for Charity? Blockchain technology is creating waves in many sectors such as supply chain due to its functionality in providing a secure, unalterable record of value transfers. This makes blockchain the ideal technology to bring transparency to the distribution of charitable donations. Using an open public ledger, a charity or NGO could collect donations in a digital currency. Each unit collected ...