How Blockchain Tech Can Help Solve Problems in Charity

By August 17, 2016Bitcoin Business

Photo: FMSC @flickr "Haitian Dirt Biscuit" In the markets in Haiti, women sell dirt biscuits. Made with dirt, water and a bit of oil, salt, or butter (if they have it), Haitian dirt biscuits are a common way for mothers to stop the groaning in their children’s bellies. No one should ever have to choose this option. For more info on Feed My Starving Children, please visit: www.fmsc.org Jason Grad is the founder and CEO of bstow.com . Last year, charities in the US brought in over $2 trillion in revenue. $373 billion of that came through charitable contributions. And while charitable donations are increasing in popularity and in amount, the industry still has problems that have persisted for years and that prevent many from contributing as much as they otherwise would. In some cases, it prevents people from donating at all. Join the industry leaders at the Finance Magnates London Summit, 14-15 November, 2016. Register here! But there are signs that blockchain technology could help. The main concerns in charitable giving are transaction fees charged on donations, potential corruption by the middlemen administering funds and services, and lack of accountability within nonprofits and other NGOs as to how the money is actually spent. These concerns could all be addressed by a donation system administered via blockchain. A blockchain is a public database that keeps track of money or goods exchanged on a public, decentralized ledger. The technology originated with the digital currency bitcoin in 2009, but since then many different businesses have implemented blockchain technology. The benefit of blockchain tech is that it cuts out the middleman: I pay you $10, you get the $10, no one needs to handle it in between, and the blockchain records that I gave you the $10. The benefits for charitable giving […]

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