Blockchain Technology has many features and characteristics, that can be useful for many industries but the area that it is perfectly suited for and highly disruptive is the Giving marketplace.
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Moreover, it can bring benefits to all the participants not just the not for profit organisations but anyone who is involved in the whole process – donor, recipient, volunteer, and fundraiser plus anyone that is identified in the community contributing to the good cause being realised..
Why Blockchain ? – The giving sector suffers from a number of issues highlighted which is perfectly addressed by these technologies:-
1. Compliance and Transparency
These are the most important advantages of blockchain. They can help to eliminate the organizational silos within existing parts of the charity/not for profit sector to understand how to make the whole process more efficient on every level and the journey of the donation totally transparent without any 3rd party involved
2. Tracking and Tracing
Due to the inherent blockchain software design, all the stakeholders can gain full access and track all the information concerning the donation journey, including all types of detailed information.
3. Reduction of errors in Auditing and Payment Processing
Owing to a decentralised nature of blockchain , all payments or evidence based “smart contracts” can be uploaded onto the digital ledger where it will can be easily checked and verified by everyone involved in the chain
4. Fraud / Security
Blockchain is “unhackable” It decreases the probability of any kind of fraud. Furthermore, it does not work on patches, which makes blockchain the securest in the market of cybersecurity initiatives.
5. Increased Trust
Blockchain allowing donors to find all necessary information about the origins of the cause, money flow, criteria of what is going to be done and when. The process is digitally documented live 24/7 which consequently increasing their trust in the system.
6. Real-Time feedback
Charities/Causes Recipient can respond to milestones they have agreed in real time. It can help various parties across the donation journey to analyze their work and to avoid several errors/provide corrective measures and give appropriate help if and when needed. This stops wastage and provides learnings for all parties involved.
7. Better Scalability
Blockchain has the ability to help organisations to develop their charity/ causes by analyzing the market and responding to possible emergency surges Moreover, blockchain does not depend on politics/regulatory bodies, so it inspires good causes to naturally expand.
There are many other benefits of blockchain not yet identified due to its infancy. Yet, the true scope of the blockchain technology is unlimited.
It is absolutely a remarkable breakthrough in the history of technology evolution which may replace the internet in time. –
by Neil Mehta