Just think a world where you can help any person in need, and you can help them with just a push of a button? That’s what blockchain tech has the potential to become.
Blockchain tech is making a new scheme for charities. It manages the huge amount of money, need complicated accounting and perform a lot of research, have much to get from blockchain as smart technology and digital transaction increases.
Smart Contracts for Donating
If traditional contracts require the third party to perform terms, smart contracts are designed to be independent and self-executing. They can initiate payment if specific conditions happen. Those contracts could establish massive support for worldwide charities that serve nations where dependable parties are difficult to find. Business could also utilize those contracts to reach pledges on their donations to charities.
Blockchain tech is by its nature transparent. Any user of the system can view exactly who owns what at any moment, and who has presented what to whom. Thus, when we talk about money, an individual donor can track their donation directly through a blockchain. That’s because cryptocurrency is non-fungible, meaning every piece is unique, so one piece can’t be swapped for another.
XinFin is an organization that’s on a mission to enhance the overall deficit in the global infrastructure through the blockchain technology. As a company, they’ve revolutionized the idea of the P2P transaction by utilizing community-driven digital assets through an open source blockchain platform.
The concept behind their initiative is to make the transactions more transparent and secure among the parties included in the cross-border trade. XinFin (XDCE) believes in building an ecosystem which will guide businesses to flourish without having to think about the troubles of the global fund transfers.
Trust must be the most vital element in charities. However, these days that appears not to be the case. Blockchain provides a real opportunity to show and improve trust.
The eradication of the need for intermediaries means that the new charities and non-profits organizations would no longer need to depend on other organizations like government bodies, lawyers, and banks in the same way.
To sum up, the benefits of blockchain technology in solving issues in charities can be massive. It can eradicate the middleman, get rid of corruption and most importantly, almost zero transaction cost.
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