Revolution in donations through Blockchain

There has been a vast number of charities working towards achieving one single goal, i.e., saving our planet Earth. Many organizations, celebrities, philanthropists, and business people have indulged in charity by donating huge amounts of money towards the cause they’re supporting.

However, there is one setback, that is, the funds garnered from the charity events, where do they all go. It is observed that there is a significant difference between the donations collected and the donations received by the charity organization. Here comes the question, where does that part of the money go?

Ernst & Young Global Limited reported that 30% of the funds received annually do not reach the final recipient of the charity organization. Even United Nations’ programs are not immune to fraud, red tape, high administrative fees, and mismanagement of funds. These issues have plagued many UN programs, leading to criticism from both inside and outside the organization.

The UN has been putting futile efforts to improve its internal controls and transparency in order to address these issues. However, it is clear that none of the charity events & programs related are carried out effectively and efficiently.

One of the major concerns for the setback of donors from contributing is their inability to see what all stoppages their funds pass through before reaching their final destination of charity. Lack of transparency is what has led to second thoughts for donors even to contribute to a good cause.

To meet the gaps & worries, blockchain brings the solutions to the above concerns mentioned. This distributed ledger answers all the where’s, who’s & when’s of the questions in the charity world.

First & foremost, blockchain provides transparency to the users. You can clearly see who your aid is currently & how is it being used for the cause.

Secondly, blockchain technology cuts down the deductions in bank commissions, taxations & other expenses. Being completely decentralized, there’s negligible to no interference in your donations.

Blockchain technology is providing a much-needed boost to the charitable sector. The transparency, decentralized, tax-free aspects of blockchain technology is bridging the gaps between charity donations, donors & organizations.

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