Charity can be seen as donations to the needy and less privilege in order to sponsor their ambitions. Over the years, donations have been made to orphanages and other less privileged organizations across the world to the extent that it is now common to see famous footballers, actors and so on donate a huge amount of their earnings to charity.
The global charity industry accounts for annual donations around the levels of $750 billion which is expected to break higher levels in coming years. This statistics does not take account of peer-to-peer transactions like donations to beggars on the street or impulsive donations to charity form time to time.
Charity dates way back as in the era of Mother Theresa dating back as far as two hundred years ago, donations at that time were largely to monasteries who were in charge of looking after the needy. The industry has evolved over the years with philanthropic organizations like orphanages and NGO’s which utilizes phones, computers, printers and the rest.
However, the charity industry has failed to embrace recent innovations in technology has it is still haunted by problems attributed with the role played by monasteries in the old charity industry. The charity industry still operates a centralized and inflexible structure that makes it difficult for donors to ascertain their credibility in order to make donations.
PROBLEMS ASSOCIATED WITH THE CURRENT CHARITY INDUSTRY
The charity industry has been plagued with the following problems mainly due to its centralized low level structure. Some of which include:
Lack of Transparency: the current charity industry is faced with the problem of lack of transparency as there are doubts if donations made will eventually reach the recipient, even if it gets to the recipients there is no medium to determine whether the recipient received it in full. This creates lack of trust between philanthropists and charity agencies.
Complexity of Cross-border Payments: donors in a bid to make donations especially across a different boundary is faced with the challenged of having to convert their currency for the receipt country’s currency which is very cumbersome and time consuming. Also the problem of Country regulations is another challenge with influences donation made by philanthropists.
Inability to Make Quick Payments: time is an important factor in executing transactions, but the current charity industry have not been able to provide donors with a quick and seamless payment option within and across boundaries as time is wasted when having to convert currencies for one another.
Humancoin adopts blockchain as a tool to re-shape the charity industry.
Humancoin seeks to create a decentralized charitable blockchain for connecting philanthropists or donors to charity projects thereby ensuring for transparency in donations given by donors to the recipients.
Humancoin envisions a future where philanthropists will not have to doubt charity organizations in terms of transparency, quick payments and all that. This is why is the first platform that adopts the breakthrough technology of blockchain thereby re-shaping the charity industry.
Humancoin utilizing blockchain technology will provide solutions to the problems attributed with the current charity industry. Some of which are:
Transparency: a high level of transparency will be ensure on the blockchain platform as donors will be given the ability to track the process of transactions in form of donations to the recipient in order to determine if such donations get to the recipient, whether in full or not. Therefore, the adoption of blockchain will leave no room for any form of discrepancies on the platform.
Simple border Payments: the platform also utilizes a cryptocurrency, Humancoin as a major tool for executing transactions between donors and recipients. This provides an efficient and simple medium of payment without having to convert one currency for another. The blockchain also allows for peer-to-peer transactions without having to border about country’s regulations.
Quick Payment Solution: donors can donate Humancoin coin token to recipient within and across boundaries irrespective of the distance thus, providing a quick, efficient and seamless payment solution for donations to charity.
Humancoin aims to re-shape the charity industry utilizing the disruptive technology of blockchain thereby creating a transparent, fast and efficient platform for donations between philanthropists and recipient.