Where Blockchain Meets Philanthropy
By Cheryl Harbour

In recent editions of babyboomers.com, we’ve posted informative articles on blockchain as the hot new technology and charitable organizations as something you want to know are doing their job before you donate.  Now there’s an intersection of the two.  So that you can be up-to-date and well informed, here’s an overview of what’s happening.

In the growing area of “impact investing” where investors, including individuals, pension funds and sovereign wealth funds, put their money into businesses with a social responsibility orientation rather than issuing grants to nonprofits – people still want to know what good their donation will do.

According to an article in Fast Company, “The Oxo Foundation, based in South Africa...is developing a ‘proof of impact’ protocol allowing data about projects–for example, that a child has been vaccinated or that a tree has been planted–to be recorded on a distributed ledger (a blockchain).”

One great advantage of keeping track this way is that it can reduce the time-consuming paperwork and reporting processes organizations must complete. Developers of the system are confident it can improve transparency, cut costs, and reduce corruption. Several aid agencies and charities, including the United Nations World Food Program, are already using a blockchain-based system to distribute payments and track their impact.

Learn more details.

 




Comments

Be the first to commment on this article.

Post a Comment