Modern day charity organisations has been terribly inefficient. Although, challenging or disrupting a charitable organisation may sound unethical. But, there is enough proof that it isn’t. Presently, projects are in process to replace modern-day charity organisations with public blockchain. This move brings about transparency and effectiveness. This has led to the comparison of the modern-day method to the blockchain based method.
Direct Debit Order Method With A Charitable Organisation
This method requires signing up with a street fundraiser. It is sometimes the charity mugging and the fundraisers bears most of the hard work. Most charity muggers don’t work for a particular charity, instead they work for a face to face company with different charities.
Most of the time they are paid in commission. This usually spur them to collect more direct debit signatures and also memorize scripts on overcoming objections. Securing signatures also attracts a commission bonus between €50 – €100. Then the outsourcing company takes own commission.
Blockchain Based Charities
Charity organisations like GiveCrypto, BitGive Foundation and Alice SI carry out their donations through cryptocurrency. This method eliminates the existence of a financial middleman in the transaction. But, more importantly the transaction can be monitored via the public blockchain. Therefore, the individuals have access to see the destination of the funds. They also know how is it applicable.
BitGive have exploited this and made it a vocal selling point. They have also put in place a tracking medium known as GiveTrack. It helps in utilizing the blockchain’s transaction records. It also give users detailed feedback on how and when the funds were allocated. The results from what the funds were spent on are also revealed.
The findings disclosed are only an aspect of the advantages of cryptocurrency based charities. But, there are so much unexplored benefits.Perhaps the end organisations controlling funds is unnecessary. Both old and new platforms will make use of smart contracts to disburse funds to disaster affected areas. This will be after some conditions have been met. There will also be no need for administrative costs.