Recently, while storm lasted from August 31 to September 11, extended across 650 miles and affected around 9 US states. Since houses and vehicles submerged, streets look gurgling rivers, power supply and trees snapped like twigs and hundreds of lives lost.
The outcome of the storm has left survivors helpless without clean water, food, and shelter. Since charity and communities quickly rose to the donating cash and Bitcoin. However, it was a phenomenal year for the Bitcoin by defying predictions and hitting all the high records. Significantly, the growth has been surging and now adoption by charities too.
Recently, determine by the transparent outrages and calls, charities are turning to the blockchain and cryptocurrency. Since this approach is to make a donation easily reachable and liable. Particularly, blockchain transactions are record on public ledger distributed over thousands of computers. As it allows everyone to see and verify. Due to that nature, records cannot do any changes at all.
The founder of Blockchain- based charity organization, Michael Yeung says,
“Traditionally, you can’t get your money back or determine how it’s in use. Now we can specify a time or conditions for each donation”.
Moreover, Bitcoin was first created in 2009, for peer-to-peer transactions over public distributed ledger namely a blockchain. However, Bitcoin enables donors to easily track their donation once after its leaves their wallet.
Andreas Antonopoulos, a Bitcoin expert says,
“You’ve seen numerous scandals where charitable donations are in use for operating costs. It’s very difficult to see where a donation is going, but this could change that”.
Furthermore, the new era of the tracking method is transparency for both donors and charity. Since it connects to humanitarian causes to see how their donations are being in use with the help of a tool.
In addition, a digital marketing strategist in Boston, Brad Hines, had sent his funds from his Bitcoin wallet to the Red Cross. Therefore, to help those distressed lives in flood using a straight medium.