Blockchain technology and digital assets mining were originally goodwill projects; now charities are accepting donations in the form of digital assets, furthering the social contribution of blockchain technology.
According to a report by Stanford University, more than half of blockchain-related projects in social causes are expected to affect beneficiaries by the end of this year. The report analyzed 193 organizations, projects and initiatives working in social sectors. 20% of the organizations are providing solutions based on blockchain technology, while 86% are offering material solutions.
The report states –
“Another significant barrier to wide-scale adoption is that introducing a new technology does not solve for the local economic and political forces that often impede the effectiveness and transparency of aid or philanthropic initiatives. In order for blockchain to be a transformative solution, collaboration and open dialogue is required across borders and sectors to develop a sustainable and scalable solution.”
In 2018, despite the barriers, several cases of cryptocurrency applications in the social sector are developing.
Non-profit agencies and charities are turning to cryptocurrencies for donations. World Wide Fund for Nature and Charitex, two Switzerland and Australia-based charities, are among the worldwide organizations who are accepting contributions in cryptocurrencies. Last year, the U.S. based Fidelity Charitable received $69 million in the form of various digital currencies. Also, to eliminate any issues from the volatility of the market, Fidelity Charitable converts the digital currencies to USD soon after receiving crypto-donations.
Many of the early-investors in cryptocurrencies, who turned incredibly wealthy, are popular for being generous. The Pineapple Fund, started in December 2017 by an unknown Bitcoin donor, contributed most of their share of Bitcoins (about 5,100 Bitcoins!).
The resulting $55 Million was distributed to around 60 charities around the world including the Water Project, Watsi, etc. The Water Project provides portable water to vulnerable communities in the sub-saharan Africa. Watsi helps build technology to develop universal health care for patients internationally.
In April 2017, UNICEF Australia launched a website ‘The Hopepage’, allowing anyone with a computer to contribute a portion of their computer processing power to mine cryptocurrencies. Donors can choose what amount of power they want to donate.
Feelium donates 5% of all its profits to acquiring and building care for the homeless elderly in India. India has an estimated number of 104 million elderly citizens who need care. The team has already identified the location for the elderly-care shelter. An overseeing body will allocate the funds by determining specific needs. Join the team’s initiative now!
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