The current problem with charities and How Blockchain Technology Can Re-invent Charity
When you bring up the topic of charity in conversation, people almost always suggest that donating to them is a waste of money — “Don’t you know, they just spend all their money on admin!”; “None of the money goes to the people who need it!”; “Didn’t you see the news a while back, some charity CEO stole a whole heap of money!”.
A series of scandals have rocked the way that the public perceives the typical charity, and trust in charitable organizations. It’s no coincidence that headline-grabbing scandals in the world of philanthropy coincided with the decline in faith toward these organizations.
Charities face declining donations among the young, increasing skepticism over CEO pay and concerns about where donations end up. At the same time, they struggle with inefficient, underfunded administration, often can’t direct aid adequately, and frequently see the most vulnerable and needy miss out.
Blockchain technology could help resurrect the images of charities willing to adopt its services.
By minimizing administrative costs through automation, providing more accountability through traceable giving milestones, and allowing donors to see more clearly where their funds are going, blockchain may help restore some of the lost credibility to charities that prove worthy of the public’s trust.
The Blockchain build trust with donors, recipients and other stakeholders to reach the right people and improve administration costs and efficacy. Show donors the difference their donation makes, acquire funds rapidly through crowdfunding, and hand control to the people you help.
In addition to solving existing problems, blockchain solutions can enable charities and non-profits to deliver results in entirely novel ways that would be impossible without the blockchain.
The NOWL platform is built on Blockchain technology to ensure that the process is traceable, immutable, and reliable.
NOWL Mission is bridging the gap between innovative technology and its practical applications for Children in developing countries. Thereby making a difference to millions of lives around the world.
The platform can also provide proof of need and proof of receipt to ensure that the cause is indeed a worthwhile one and that the funds reach the intended party. And because blockchain lowers administrative costs, more funds can reach the right, needy recipient.
The primary administrative cost for charities is associated with fundraising and marketing or getting the word out about the charity. As a Blockchain-based platform, NOWL is aiming to provide charities with a marketplace to reach a ready-to-give audience, and these platforms take far fewer fees than traditional marketing and fundraising agencies.