The topic of charity often brings disparity of opinion. On the one hand, most of us recognize the injustices of the world and want to help those in need. But, given the reports of fraud and misconduct, as well as the sheer scale of problems, it’s understandable why many become numb to the issue. However, crypto and blockchain technology is working to change that.
Figures show that more than a third of charity fraud was perpetrated by staff, trustees or volunteers. These findings came about during a study by The Charity Commission. They noted that weak governance, poor financial controls, and excessive trust in key individuals were common factors to the problem. Michelle Russell, Director of Investigations, said:
“charities could protect themselves from internal and external fraud through the robust and consistent application of financial controls.”
With this in mind, it’s clear to see how a decentralized blockchain system and crypto can address people’s concerns over charity.
How Blockchain and Crypto Can Help
A decade on since Bitcoin first paved the way, many institutions are beginning to realize how blockchain is more than financial speculation. With blockchain technology, there exists a significant opportunity for charities to benefit the world.
Blockchains are inherently designed to eliminate corruption and non-transparency in situations involved multiple participants. As well as that, the technology facilitates an audit trail, where benefactors can track donations across its complete cycle.
The implications of this are massive. Blockchain technology has the potential to completely change the way the sector operates, allowing organizations to run more efficiently by eliminating waste, and therefore providing real help to those in need. Also, from a credibility standpoint, use of blockchain would undoubtedly instill greater trust, which is something often lacking in people’s reasoning for not giving.
The Plight of Ugandan School Children
When it comes to important cases, few are more deserving than feeding children. In Uganda, the problems of war, famine, and AIDS make for dangerous living conditions. Here, more than a third of people live below the poverty line, and children are the primary victims of this desperate economic situation.
Binance recently launched their blockchain solution to tackle hunger and access to primary education. The Lunch for Children campaign is asking for 1 BNB to provide a lunch program for children who need your help. Contributing will provide a month’s worth of food for a child in remote African areas. Without which some will be forced to abandon their education.
The 50-Cent Dream: How Blockchain Brings Uganda’s Children Back to School
Read the stories from three of Uganda’s children, whose futures are being built, 50 cents at a time. @BinanceBCF
— Binance (@binance) March 15, 2019
The collaboration between Binance Charity and Dream Building Service Association will select schools that serve poor children, and choose reliable food suppliers. Donations made will go to the crypto wallets of children’s parents or legal guardians, who will then use the funds to pay food suppliers.
This system is a real life example of how blockchain is revolutionizing the charity sector. The verified audit trail of transactions deals with issues related to lack of transparency and accountability. The foundation will collect monthly reports from the school, and provide updates on how the project is progressing. All of which ensures your donations are making a real difference.