The Massive Potential of Blockchain in the World of Giving

The Massive Potential of Blockchain in the World of Giving

October 30, 2018 Off By Maheen Hernandez

A huge deal is being written previously about blockchain, and while only a few of the globe’s more than thousands of blockchain-based startups are likely to flourish, the hype is there for a reason. The core fact remains that distributed ledger technology has the potential to disrupt how the globe records and shares business transactions completely.

The majority of cited applications for the technology come from the industry of financial services. However, blockchain is starting to be taken seriously by other industries too, like healthcare, manufacturing and especially charity.

Systematic Transformations for Blockchain Technology Adoption

  • TRANSPARENCY

By some calculations, as little as 40 percent of the globe’s material aid reaches its desired location. In some areas of the globe, the figure of monetary aid reaching its final location is lower than that. With the use of the provenance and consensus capabilities which are native to the distributed ledger, social enterprises can foresee another operating model.

Not just one in which its capability to operate with efficiency and transparency is changed, but one which that efficiency and transparency are visible in real time to its beneficiaries, donors, managers, and regulators.

  • IDENTITY

Getting aid to the proper recipient is one of the major challenges of any social agency. That can be as real in mature economies as it’s in the developing space. A context for identity management which was flexible enough to work over several nations, technologies, and processes would not just lessen misdirected assistance. It would massively lessen the fraction of an NGO or charity would need to consume on compliance.

  • CONSENSUS

If numerous parties in a business network are sharing one ledger of transactions, the number of time spent constructing and verifying the details of the transaction can be lowered substantially. In a social context, that would enable NGOs and charities to provide services and goods with higher efficiency.

Real-World Applications

With a strong understanding of such systemic transformations, it becomes an upfront exercise to envision very tangibly, KPI-driven business cases for a wide array of social goals. Some of these are:

  • Real-time tracking of organ and blood donations
  • Making sure that material assistance like clothing or food reaches the proposed recipients
  • Determining locations, inventories, and sources of tainted foods, toxic waste or faulty components
  • Monitoring the flow of refugees via conflict zones and leaky borders to guarantee they get the humanitarian assistance they require. Further, making sure that unified medical histories follow such refugees in their migrations

One platform that can be a huge help in this sector is XinFin. XinFin (XDCE) is a Singaporean-based blockchain technology firm which is engrossed on Business Process Efficiency improvement. The company has deployed different blockchain solutions for global trade and finance. They have constructed a commercial-grade hybrid blockchain architecture which keeps private and public states and stores confidential financial data in a private state. Thus it makes it enterprise ready for different business use applications. Currently, XinFin has 4 lines of solutions namely Private Sub-networks, E-wallets and Remittance, Business Efficiency Solutions and TradeFinex.

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