Blockchain and Charity

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Blockchain and Charity

13 July 2021   |   Blockchain, Emerging Tech, Fintech, Retail Bank

Increase the transparency of charitable foundations by creating a common platform based on blockchain technology. With growing consumer awareness and numerous channels across the supply chain, traceability has emerged as a top priority for various industries. In the current situation, PHILANTHROPY has emerged as one of the most important sectors to enable TRUST, TRANSPARENCY, TRACEABILITY. The TRST01 platform uses blockchain technology – linking data across the supply chain – to make products and services more transparent. The primary purposes of our platform are to analyze the implementation of blockchain technology, intended to provide trust and its linkages with business sustainability.

In the donation sector, a considerable amount of data generated, such as information about donations, transactions, donors. In most cases, there’s a lack of transparency to how much donated funds go to overhead vs helping a cause, Especially when concerning rapid disaster relief, where funds can quickly disappear or fall to wasteful spending with faulty oversight. Introducing blockchain as a way to trace and verify donations would alleviate suspicions around the misuse of funds. By putting all these public transactions on the blockchain, the records become transparent, immutable, and easily trackable, reinforcing the belief or TRUST.

TRST01 Pillars of Value Addition
  • Transparency: Data stored on the blockchain is available to all approved participants- creating a single source of truth
  • Trust: Data linked among tamper-proof blocks enabling trust between participants who don’t need to know one another
  • Auditability: Data on the blockchain is everlasting and difficult to change – creating an extensive audit trail

Donation Tracking

Blockchain is a feasible solution for every event of the entire donation process, to be traced through by marking each of the ‘Critical Data Elements’ such as donation updates (i.e., when, where), donation volumes, list of targeted receivers, etc. Blockchain also allows all parties or related stakeholders such as suppliers, charity organizations. organizations to monitor each use case or project of donations. Any occurring events would be updated/ informed to all related parties to ensure transparency and trust over the donation network.

Greater Transparency and Accountability

The most attractive features for the TRST01 collaborative blockchain platform are to enable high visibility and traceability among transactions, allowing users to track donations throughout the supply chain from the beginning to the end and verify where their funds went. It allows for automatic verification of where money spent. The Blockchain traceability and verification feature one of our TRST01 platform’s greatest assets, as it benefits and helps each side verify what the others are doing.

Breakthrough technologies such as blockchain still can provide novel and unconventional solutions to the significant social challenges of the present time. As philanthropy becomes a critical pillar nowadays in society, it requires a more transparent and accountable framework.

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