Blockchain for Charity and Non-Profit Organizations | 10% for @tron-fan-club

In recent times we can see some issues related to charity organisations and their transparency in Bangladesh. It is Clear about the details of this organisation but a lot of trolls are going on in the Facebook and other social media. Today let's talk about how blockchain can solve this problem of trust and transparency to the donors in case of charity and non profit organisations.

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Blockchain technology has revolutionized various sectors. The charity and non-profit organizations are not out of modern technology. The immutable and decentralized nature of the blockchain ledger ensures transparency, trust and accountability in the system. This has opened up new avenues for charitable organizations to raise funds, manage donations.Lack of transparency and accountability in the system of charity organisations is a common problem. Donors often hesitate to contribute due to the fear of misuse of funds or lack of transparency in the donation process. Blockchain technology can solve this problem by providing a transparent and tamper-proof ledger for recording all transactions. Thus all transactions are traceable and that there is no scope for fraud or corruption in the system. Blockchain can ensure the donations reach the intended beneficiaries without any intermediaries. Smart contracts are self-executing contracts that automatically execute when specific conditions are met. This means that donors can set specific conditions for their donations and the smart contract will execute accordingly. Donors can set conditions for the use of funds and the smart contract will release the funds only when those conditions are met. This ensures that the funds are used for the intended purpose and that there is no scope for misuse or diversion of funds. It will be settled automatically. Blockchain technology can ensure a more efficient and cost-effective way of fundraising for charitable organizations as well. Traditional fundraising methods involve significant overheads such as administrative costs, fees and commissions. By blockchain technology charitable organizations can directly connect with donors, reducing the need for intermediaries and minimizing overheads. This means that more funds can be directed towards the actual cause. Proper tracking of the impact of donations is possible with blockchain technology. Donors can smartly track how their donations are being used and the impact they are having on the beneficiaries. This ensures that donors can see the tangible results of their donations which can encourage them to contribute more in the future.