05 Sep Who’s making a difference on International Charity Day?
Today is the International Day of Charity, a United Nations-sponsored effort to encourage charitable efforts to alleviate poverty worldwide.
It’s a time to reflect and consider what we can each do to make a difference on this day when so many are in need around the world.
The media regularly report the generosity of cryptocurrency traders who recognize they have wealth they can share.
Take Matt Hawkins, founder and CEO of Cudo, for example. His company recently launched a new software product Cudo Donate that turns previously unused or wasted computing power into cryptocurrency without impacting the usability or performance of computers. The program generates income for the owner and charities by mining cryptocurrency and Hawkins hopes to raise $1.3 billion for charities over the next five years.
Blockchain technology for good
Nydia Zhang is Co-founder and Chairman of Social Alpha Foundation, a not-for-profit grant-making platform supporting blockchain technology for social good. She says the use of blockchain technology has the potential to positively impact the charity sector in many ways.
For example, she says there are 10 million nongovernmental organizations (NGOs) worldwide. “A better consensus among various charities tackling the same issues will create more efficient infrastructures to eradicate poverty and achieve desired global changes. Blockchain will also allow charities to track and trace what other organizations are doing, allowing them to tailor campaigns to complement each other, leading to a greater philanthropic impact which can be better evaluated.”
Zhang says more than $410 billion dollars was donated to charities worldwide in 2017 with billions lost due to inefficiencies and corruption, leading to a huge distrust of the sector.
“Blockchain can provide radical transparency in donation tracking by providing assurance to individual donors who can track their donations and understand where and how their money is being spent by the intended beneficiaries. It will also bring about accountability from those at all levels in charitable organizations,” she says.”
BitGive connects bitcoin and blockchain technology
Connie Gallippi, is the Founder and Executive Director of BitGive, the first Bitcoin 501(c)(3) nonprofit that bridges the gap between Bitcoin and Blockchain technology and its practical applications for nonprofits and humanitarian work on a global scale.
“Blockchain technology offers a secure, fast, and less expensive way to transfer funds cross-border, so relief aid and project implementation can be deployed faster, and results can be reached sooner,” Gallippi says.
Benefits of cryptocurrency donations
She says the benefits of donations in crypto are numerous:
- Allows for raising funds globally without high transaction fees, transfer fees, and fluctuations of local currency rates between countries;
- Allows for receiving money faster to those in need on the ground, reducing time spent held up in financial institutions (can be up to 60 days in developing countries);
- Reduces corruption by enabling non-profits to control and see how money is spent throughout its organization;
- Benefits donors by knowing that more of their donations will be used for those in need, and less on financial institution fees and administration costs;
- Donations can be released more quickly and transparently to those in need.
“For now, the best way for us to make a difference is to help lift others up out of poverty through philanthropic efforts that meet the most critical human and environmental needs of our world and society today and provide education and empower people with the tools and skills they need to improve their health, lives, and access to resources,” she adds.
Yes, you can
For those of us fortunate enough to benefit by our efforts and innovations in blockchain technology and cryptocurrency, today is a great day to reflect on how each of us can make a difference to those in need.
On this International Day of Charity, consider supporting charities that make a difference with face-to-face services fighting poverty. Think about donating money, cryptocurrency or your technology expertise to help your favorite charities manage their funds, resources, and services more efficiently.
Like many other leaders in our industry, you can make a difference!
Author: Jeff Domansky, Managing Editor