How Cryptocurrency and Blockchain are Changing Today’s World
What’s interesting about cryptocurrency isn’t the currency itself, but rather the technology behind it, the blockchain. It’s the decentralized public ledger that relies on cryptography in order to ensure that every transaction is valid.
The way it works makes the blockchain an ideal way to ensure transparency and integrity when the two parties involved in any business don’t trust each other or if someone wants to donate some money to any charity without raveling the name, one person can send another a bitcoin without knowing a thing about the other, and the system ensures the transaction takes place as promised. And since it’s decentralized, no individual controls it; it acts as a virtual, trusted middleman.
Fundraising with Crypto:
Over the last few years, a number of charities and foundations have been trialing Bitcoin donations. Many well-known charity societies like United Way, Save the Children, Red Cross, and the Electronic Frontier Foundation are also part of it. Cryptocurrency donations to charity are clearly on the rise. Fidelity Charitable, which is the largest donor-advised fund, received $69 million in cryptocurrency donations in 2017, up from $7 million received in 2015 and 2016 combined.
Beyond charity donations are featuring new methods, platforms, and projects happening in the emerging “crypto-humanity” space. Include BitHope, which allows donors to make Bitcoin donations to selected charities for their fundraising campaigns which is a crowdfunding platform.
Beyond cryptocurrency tracking and donations, a number of social purposes digital coins have been created to support specific nonprofit programs and endeavors. Clean Water Coin, for example, was designed to raise money for the nonprofit Charity: Water and bring clean water to the families around the world. Pinkcoin, a philanthropy coin which allows investors to both donate to charity and to earn a return on their investment, is listed on major cryptocurrency exchanges and has performed very well as compared to other commercially digital currencies.
The blockchain technology is very useful technology for the future tech growth. Blockchain’s influence is still growing. It’s an emerging technology with many interesting areas of untapped potential. Some of its benefits are yet to be realized. While we may not be able to predict blockchain’s future, we can be certain of one thing it will change the business world as we know it.
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