Now You Can Trust Charities. Here's Why.
Well, still not all of them... But those who embrace new technologies and implement blockchain solutions to their accounts!
Today we would like to share with you a very promising startup that should bring the non-profit sector to the new level!
It's called Frank.money
You have probably heard of it if you follow @katyakov - here is the first article about this technology on Steemit and here is the introduction of the first charity project, that chose 💯 transparency through Frank.
So what is Frank and how does it make a difference?
Frank is a US based startup, that aims at providing the non-profit world with the solution for giving 100% transparency and bringing the trust back into the industry.
It's a platform, that gathers data directly from the charities' bank accounts and shows it to the selected audience or the whole world in an easy and verifiable way!
As they record all transactions in blockchain, there is no way that the non-profit can delete or amend the data before it goes public.
And here's how it works:
Charity connects its bank account to Frank
In the Frank App or website Charity creates the categories of transactions, groups it in the understandable way and comments each income or expense if needed
Then the Charity grants access to this data to the selected donors, investors, or it can open up to the public and make its account visible to everyone!
Users download the App and follow the charities they are interested in
Interestingly enough, the startup decided to start transparency with themselves, so you can see all the investments that they gathered and expenses that they made on their Frank website or in the App.
With this platform YOU, as a user and as a donor, can track EVERY DOLLAR that the charity receives and spends!
And this serves not only the transparency purpose, but also gives us an overview on where is the charity standing in terms of its funding.
Did you know that most charities in the US receive over 50% of their annual funding in the last 2 weeks of the year??
We receive our annual bonuses, the Christmas holidays (Hanukkah, New Years Eve..) are coming and we are generously donating to charities to be thankful for the wonderful year we had...
But the charities have to work full time the other 11 months too!
They pay the salaries, rents, buy the supplies they need to achieve their missions, etc.
If we had a chance to know WHEN exactly the charity we wish to support is needing our help the most, wouldn't it serve the industry much better?
Frank is still in beta version now, but we are sharing this with you because we believe that this will be the change that the non-profit industry really needs.
We are curious to know your thoughts on that!
Will the possibly of tracking all finance transactions make you more likely to donate?
Are there any charities that you support now on a regular basis? Do you have trust issues as to whether they effectively spend their funds?
How skeptical or trustful are you with the non-profit industry overall?
As always with @steemitcharity, all the rewards from this post will be donated to the charities - in this case to the ones that we supported in our previous posts this month