The Chicago blockchain community is gathered on December 8th, 2017 to hear some of the most influential blockchain voices in Chicago. The night’s goal was to demonstrate some of the technology behind the recent rapid gain in value of bitcoin, ether, and cryptocurrencies in general!
In this video, Danny Johnson of PinkCoin delivers a lightning talk. PinkCoin is revolutionizing charity on the blockchain. The digital currency is looking to change the non-profit sector. Holders of the coin can profit while helping others!
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.
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!)