How do we address such issues?
The world is becoming increasingly more complex, people are expecting more for their money. They are relying on technology for their every move. Charity is a form of financial industry. Money is moved and reporting and recording is extremely difficult.
Until recent innovations in the finance sector involving blockchain, we were limited by borders. But with new laws and regulations being talked about, we can start to discuss new ways to move money around.
Blockchain technology gives us the ability to record transactions in a decentralized manner. This means each transaction is recorded on many different computers increasing security a lot. It also allows individuals to view transactions if the blockchain is public.
When coupled with the use of a cryptocurrency smart contract, we are able to move value instantly. This happens by never the logic of writing each transaction in a digital ledger. This enables the money to change ownership, but not move. It simply removes access of the tokens from the owner to the purchaser. It feels as if the money moves when in reality it changes hands.
Why are you talking blockchain?
The fact is we don't know until we know. Blockchain offers a unique area of interest to Charity. With public transactions, you gain trust. Anyone can check and trace where the tokens go after all, it is public money right?
Fundraising doesn't have to be contained to your local shopping center. It can be conducted on a world stage. The facts is some feel more obliged to give to overseas as opposed to locally. A token economy is the best and easiest way to send money.
Blockchain can also be a great "anti-theft instrument" for the nonprofit sector. The fact that it removes the need for nearly all staff to handle money. This is where many cases of fraud and theft happen, we can lower this by many times.
You can trace every single transaction from start to finish of a tokens life. It is really quite amazing.
At this point in human interaction, many have withdrawn to look after themselves and those around them. There are many reasons, some economic and some beliefs but they are all being ignored by the Charity Sector.
Its time we paid attention to the needs of those we seek help from.