ICO or NO: Episode 25 AidCoin

In the giving spirit this holiday season? Then you have to hear about the AidCoin project. CharityStars, the company behind AidCoin, is using blockchain technology to revolutionize how charitable giving occurs. By implementing AIDPay, a tool that takes donations in fiat and automatically exchanges them for cryptocurrency, which is then distributed to the charities.

Blockchain Could Be the End of Corrupt Charities

Blockchain Could Be the End of Corrupt Charities

Crackdown Finally Coming on Corrupt Charities

Several individuals want to make the world a better place by donating to their charity of choice, but many are left with the unsettling question of how their money is actually being spent. Corruption is prevalent amongst charities. Higher-ups at big charities often choose to line their own pockets, instead of appropriately using those funds for their intended purpose. Non-profits’ current operational structure lacks overall transparency. Ultimately, donors doubt the intentions of the supposed non-profit.

Blockchain technology could prove to be a game-changer, addressing the many questions that surround today’s non-profits. A new model is emerging for charities, which deals with the inflow and outflow of large amounts of money. On top of that, current accounting methods struggle to keep up with this exchange in capital. Last year, organizations based in the United States took in $2 trillion in revenue. Less than 20% of that, however, came in the form on charitable contributions. People have made fewer donations, as a result of this. Many choose not to donate at all. (Check out what a blockchain is here!)

UN Turns to Blockchain to Feed the Hungry

UN Turns to Blockchain to Feed the Hungry

UN Uses Blockchain for Humanitarian Aid

Despite the fact that the world produces enough food to feed the entire population, millions of people still go hungry. Because of the way food is currently distributed, “food rich” areas–or those with an abundance of food–exist, while other places experience severe famine and starvation. The United Nations (UN) is looking to address this extreme inequality, by implementing the use of blockchain.

Blockchain technology has the potential to create a whole new, reliable, secure environment for providing humanitarian aid. Non-profits often advertise themselves as such. However, a significant portion of donations still go to overhead, office costs, and officers running these charities. With blockchain technology, those who donate are able to view exactly how their funds spent, and who directly is benefiting from the provided aid.