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How Blockchain Is Changing Philanthropy

SUJIT by SUJIT PATHAK

Published Wed, Jun 6th 2018, 12:38 | Business

Blockchain technology is changing the world around us. It is changing the way we do business, shop, manufacture, work, etc. Another aspect of human life that blockchain is revolutionizing is philanthropy. Leveraging blockchain for charity is a new rising trend in the crypto-world. Let’s take a look at various ways how blockchain is changing philanthropy: Raising Funds For Charity In Cryptocurrencies: In recent years, there have been a number of trials on using cryptocurrency for philanthropy. Interestingly enough, a majority of these trials have been conducted by well-known charity foundations like Red Cross, United Way, Save The Children, and the Electronic Frontier Foundation. Donations to charity organizations in Bitcoin and other popular cryptocurrencies are setting a new crypto-trend that is constantly on the rise. According to Fidelity Charitable, a major donor-advised fund, the donations received in cryptocurrencies by the organization in 2017 are approximately ten times the amount in received in the years 2015 and 2016 put together. Aside from direct charity donations, there are new innovative projects emerging in the cryptocurrency landscape. For instance, there are crowdfunding platforms like BitHope. These platforms allow users to make cryptocurrency donations to specified charities and support their fundraising campaigns. Also, new tools like Alice, and Givetrack are emerging which track the entire course of donations from donors to donees in a transparent manner. These tools help charity foundations verify the donations. New Digital Coins For Charity: In addition to cryptocurrency donations, new digital crypto-coins have been introduced that are intended for the sole purpose of making donations in a specific community of non-profit organizations. Charity coin “Clean Water Coin” was introduced to raise funds for a non-profit organization Charity: Water. Another well-known charity coin is Pinkcoin. It allows participants to make donations to charity and also get a return for their investment. It has been listed on major crypto-exchanges and has done well commercially in the crypto-market. Arrival of Crypto-foundations: Recently, investors have been establishing foundations to give away cryptocurrencies. One such crypto-foundation was introduced under the name “Pineapple Fund.” This foundation has helped raise more than $50M for 56 select charities. One of the best aspects of cryptocurrency is its decentralization. Very few people believe in donating to non-profit organizations. But with the transparent and decentralized blockchain technology, charities and foundations are finding new believers and enthusiastic investors. As we go further, we may even see more of new crypto-foundations being established along the way.   The future in cryptocurrencies in philanthropy seems promising. There is a strong probability that major existing non-profits and foundation will introduce their own cryptocurrencies to reap the benefits of the growing blockchain technology. It will be good to see blockchain-powered and traditional charities go along hand-in-hand.      

Bio

Sujit  is a content writer at Sixpl. He has written approx 350 articles on Blockchain, ICO, and cryptocurrency. He is also a ICO white paper writer and has written ICO white paper template. He has written 20 white paper on Blockchain, and 8 white paper on ICO.