Bitcoin has always been a favorable currency when dealing with donations and payments to charitable organizations. Due to its global nature, and not having to rely on intermediaries, charities can accept payments from all over the world with ease. BitGive, the most prominent charity accepting Bitcoin donations for a very long time, announced their new GiveTrack feature.
GiveTrack Brings Much-Needed Transparency To Charity
Spending Bitcoin on charitable donations is very different from using traditional currencies. All transactions are broadcasted on the public blockchain in real-time, allowing anyone to keep tabs of how money is changing hands. But BitGive wants to take this one step further, by allowing donors and the public to race nonprofit transactions on a public platform. In doing so, the service provides insights as to how charities spend their funds, and it ensures funds end up where they are supposed to.
GiveTrack will also aid in rewarding people who behave like they should, as well as educate donors and avoid fraudulent activities. Contrary to what people would expect, fraud is a very real trend in the charity sector. Not just through fraudulent donations, but also money not ending up where it is supposed to, and lining someone else’s pockets instead.
But there is more, as GiveTrack will serve as a platform that can be used domestically, while still increasing access to funds in developing regions. Cross-border transactions in fiat currency are often associated with high fees, but the blockchain based platform will reduce these costs to near zero. In the end, everyone wins from embracing this platform.
Although this technology will not prevent natural disasters from happening, BitGive and GiveTrack will make it easier to help people in need. Fighting corruption can only be done through using transparent, tamper-proof solutions, such as an open blockchain. Moreover, the same technology helps reduce costs and friction for all parties involved.
Charitable organizations do not have the best track record when it comes to using funds the way it’s supposed to. GiveTrack can address these problems, assuming organizations are willing to use it. With a data-centric and user-friendly approach, anyone in the world can interface with the platform, regardless of technological skills.
For the time being, GiveTrack is still under development, and there is no official released data available at this time. However, BitGive is working with several partners, including The Water Project, to support projects in western Kenya. It is expected this solution will roll out to other parts of the world in the future as well, though.
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