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Cryptocurrency and blockchain technology have some fascinating features that can have a huge impact on charity and charitable assistance.
Cryptocurrency for the Good — A new Financial System and A new Opportunity!✨👏✨
The blockchain is the decentralised shared public ledger at the heart of Bitcoin and other cryptocurrencies but it also has far wider applications. The blockchain technology could play in boosting transparency and trust in charities. The impact of new assets becoming available for giving, and the potential for smart contracts that govern philanthropy.
In the short term, it is unlikely that cryptocurrency and Blockchain platforms will significantly disrupt or displace traditional philanthropy, but they will drive further innovation and experimentation in the sector. Some of these opportunities and challenges, such as the potential for transparency of donations, the possibility of making it easier to get aid money to where it is needed.
Key features of blockchain systems:
- Transparency & Openness
- Disintermediation & Decentralisation
- Trust
- Integration of digital and physical world
- Automation & Smart Contracts
Opportunities for Charities & Philanthropy
- A World Without Middle — men
- Reduced costs
- Increased trust
- New governance models
The blockchain tech could lead to mass disintermediation and end of trusted third parties.
What does this mean for charities?
- Fewer intermediaries = lower costs
- Donations transparent and traceable
- No FX barriers and costs
- Range of donatable assets will be far wider
- Blockchain will also make it easier to automate micro payments
- A.I.s in smart objects generate revenue and own assets
Blockchain and A.I. can provide infrastructure for full use Sharing Economy!
Why do this?
- Transform charity regulation
- Governance-by-algorithm replaces governance-by-enforcement
- Automate registration
- No need for standalone register
- Real-time financial info
- Transform charity governance
Challenges for Charities & Philanthropy
- Early Adoption challenges
- Knowledge & understanding
Charities not renowned for their tech-savvy, and barriers to entry for blockchain and cryptocurrency currently high. Charity trustees also tend to have low appetite for risk, and these may be perceived as untested technologies.
Finding use cases:
Possible that there are many applications of blockchain tech for social good — but will require tech people to understand charities and vice versa.
Positive dynamics:
Already today there are many examples of the effectiveness of modern forms of charity and all the signs that the positive trend will continue. For example: PinkCoin, AidCoin, GiveCrypto, Binance and HelpCoin. New technologies and behaviors have created a myriad of opportunities to do good. It remains only to use them!
Charities should aim to own the technology before it owns them!
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