When it comes to Bitcoin and charitable donations, one shouldn’t look much further than the BitGive initiative. This non-profit organization has made a big impact on the charitable sector over the past few years. Its preference for Bitcoin shouldn’t be overlooked either by any means. The group has now released a beta version of the GiveTrack platform, which is well worth keeping an eye on as well.
GiveTrack Beta has a lot of Potential
There are a lot of people who haven’t heard of BitGive before, which is understandable. Although the Bitcoin community is filled with people who contribute BTC to charitable efforts, it is difficult to keep tabs on everything. BitGive has been working on its new GiveTrack platform for quite some time now. In fact, it may revolutionize the way we think about charitable donations in the first place.
More specifically, the GiveTrack platform – currently in beta – will provide insights into donations’ lifetimes. Anyone in the world will be able to track a donation from day one to observe how the money is being used over time. One thing people genuinely dislike about charities right now is how no one knows for sure whether, when, and how funds are used after they have been donated.
We're here @money2020 #Vegas and ready to rock tomorrow for #GiveTrack launch! ⛓?? #bitcoin #blockchain #philanthropy #transparency pic.twitter.com/XkHpiWdm47
— BitGive® (@BitGiveOrg) October 24, 2017
We have seen multiple reports on how major charitable nonprofits have squandered or lost money after it had been donated to a good cause. For instance, the Red Cross misplaced a lot of funds meant for Haitian relief efforts. Millions of dollars were raised, yet only seven huts were constructed in the end. It is very likely there are other initiatives which have gone awry due to a lack of transparency.
GiveTrack will provide the necessary transparency to ensure that donors can see how their money is being spent. It is a very steep challenge and a big mountain to climb, but more transparency can do wonders when it comes to charitable efforts. Blockchain technology provides the foundation for immutable records on how donations are received, processed, and used. It is a major step forward for BitGive, to say the very least.
Whether or not other charitable nonprofits will embrace this technology remains the big question, though. One could argue that those who shy away from transparency obviously have something to hide, although that may be a stretch. There is a severe lack of trust between individuals and charitable organizations, mainly because it is unclear how money is used by those in charge. Addressing that situation needs to happen sooner rather than later.
All of this goes to show there is a bright future ahead for blockchain technology in many different industries. Charity is just one of the many sectors where improved transparency is absolutely needed moving forward. So far, there are two pilot projects on the GiveTrack platform: the Water Project and Medic Mobile. It will be interesting to see how everything works as far as this platform is concerned. A bright future lies ahead for nonprofits if they are willing to embrace new technologies.
