The best nonprofits and charities are efficient, effective and engaging. They channel donations to where they’re most needed, they make significant improvements to people’s lives, and they inspire donors and supporters to continue giving. Achieving all of these goals is a challenge for even the largest organization, and that’s why I founded my own Bitcoin charity[1], BitGive, a 501(c)(3) nonprofit. I knew then and have grown even more confident that blockchain and cryptocurrency can improve charitable giving — and, therefore, improve the world.
Because the Bitcoin blockchain is a public ledger, it offers unique opportunities for transparency in charity. Anyone can track the movement of cryptocurrency from wallet to wallet; and it makes auditing and accounting easier for nonprofits. In a more efficient, blockchain-powered world, funds once earmarked for fees and administration costs or lost in delays can be redirected toward fulfilling the nonprofit’s mission. Furthermore, end-to-end transparency incentivizes efficiency and honesty by making the charitable record universally auditable and rewarding those nonprofits that make efficient use of their resources.
Instant Accountability
BitGive created the donation tracking GiveTrack[2] platform[3] so that donors, potential donors and even cryptocurrency skeptics could see the power that blockchain can bring to charitable giving. Tracking makes a persuasive case for cryptocurrency and blockchain; it also makes the case for renewed giving. If you can see your donation has been put to good use, you’re more likely to make further donations. You’ve seen proof; you don’t have to rely on hope and faith that your assets have been put to good use.
Even better, blockchain offers a vision of instant accountability. With blockchain accounting, there’s no need for donors to wait for quarterly or biannual reports to see what their funds have accomplished since a real-time record
