Bitcoin’s underlying blockchain technology is known for transparency, something which the non-profit sector is in dire need of. BitGive Foundation, the world’s first Bitcoin non-profit organization with a 501c(3) status now has a solution that allows donors to keep track of their donations.
The blockchain-based solution, called GiveTrack is a donation platform developed by BitGive’s development team. The GiveTrack platform offers unprecedented transparency to non-profit fundraising by enabling fund transfer and tracking solution. It also maintains a permanent record of all the transactions, starting from the point of origin till utilization of funds.
The launch of GiveTrack was announced by BitGive yesterday. In a press statement, the founder of BitGive Connie Gallippi said,
“We are thrilled to announce the launch of GiveTrack, a game-changing technology for philanthropy. Give Track epitomizes BitGive’s mission to make use of innovative technologies that will improve philanthropic work while driving new donations. We are proud to have developed an effective tool that will aid in humanitarian efforts for causes around the world. This will create operational efficiencies and deepen the trust between charities and their donors.”
The transparent nature of GiveTrack will also increase accountability among the non-profit organizations, which will not only help the intended beneficiaries of the donated money but also makes the whole regulatory and compliance process easier for the organizations. The GiveTrack project has received support from Walter and Karla Goldschmidt Foundation, Bloq’s Matthew Roszak, Bitcoin Argentina’s Rodolfo Andragnes, Rich Morgan from Morgan IT Consulting, Peter Chasse from Water Project and CoinBR’s Rocelo Lopes and Coinfabrik among others.
The launch event included the screening of a GiveTrack video, created by Bitfilm, an art show by Cryptograffiti and a charitable auction. Apart from BitGive, other companies are also invested in creating transparent solutions for the industry sector. Ant Financial, an affiliate of Alibaba Group Holding Limited announced a similar initiative a few months ago. The blockchain solution offered by Ant Financial will work with Alipay payments platform.
Once blockchain based payments tracking platforms become a norm for the non-profit industry, the issue of misallocation and misuse of funds will be a thing of the past. Philanthropic donors will be able to relax knowing that their donations are put to the right use.
Ref: BitGive | Finance Magnates | Image: BitGive