is the new e-commerce
cryptocurrency fuelled by the Proof of Charity mining protocol
Importantly, the new technology facilitates the development of direct financing platforms on a much larger scale. Philanthropists themselves can ultimately benefit from automated smart contracts as the recipients of grants will only be able to use their funds after meeting mandatory conditions.
Humancoin is a
revolutionary platform bringing about the synergy of philanthropy industry,
retail e-commerce and cryptocurrency markets, which together have a combined
value of $3.5 trillion.
Every third person on
Earth gives to charity at least once per year, with 50% of donors providing aid
to strangers according to the World Giving Index 2017, compiled annually by the
Charity Aid Foundation. For the third consecutive year, charities have raised a
record volume of funds. In the US alone, the amount of recorded donations
reached $400 billion. About three-quarters of the country’s residents have
helped a stranger at least once, and two-thirds have donated money to multiple
charity foundations. The volume of donations in the US consistently exceeds 2%
of the nation’s GDP; around 7 new charitable foundations are created every
single day, with more than 1.5 million currently in operation across the
country.
In other countries, too,
charitable donations represent a significant proportion of the overall economy.
In Europe, the British have the largest number of philanthropists, and
according to various data sources: 70% of the country’s residents transfer
money to support humanitarian projects. Germany, Japan and France are also
among the countries where the population actively engages in donating money to
charity. The Mohammed bin Rashid al Maktoum Foundation, one of the largest
charitable organizations in the world, is based in the UAE.
According to the Charity
Aid Foundation, private individuals are the most active donors. Traditionally,
their contributions account for up to 80% of all donations, with crowdfunding
rapidly evolving. Around 15% of all donations are through foundations, with
large corporations accounting for only 5% of donations.
People donate money more
often and more readily to religious causes (32% of the collected money);
education (15%); humanitarian aid (12%); charity fund projects (11%) and
healthcare (8%). An additional 22% of donations account for other purposes,
including environmental protection, protection of wild animals, as well as
culture, art and international projects.
Problem
Despite the rise of new
mechanisms for donating, the charity industry still cannot overcome its main
obstacle — a lack of trust. Donors, most of whom are private individuals,
simply lack the means to verify whether their funds have reached the addressee
in full and in the required timeframe, even if they transfer the money with the
help of specialized organizations. According to various sources, about 20% (or
more) of all donated funds end up being kept as administrative expenses by
charity foundations.
Many are faced with the
complexity of cross-border payments (when one wants to help a foreign recipient)
and later, potential difficulties with regulatory bodies. In addition, donors
are forced to spend a part of their well-intentioned contribution on covering
the operational costs of the transaction.
Solution
The distributed ledger
technology, which is designed to put an end to the middleman, gets rid of the
long charity chain composed of banks, NGOs, state bodies and law firms.
Blockchain provides a digital mechanism for recording and viewing any
transaction. It is important that the record cannot be hacked or modified.
Blockchain solves the trust issue by providing transparency, traceability and
security.
Website : https://www.humancoin.net/ |
Importantly, the new technology facilitates the development of direct financing platforms on a much larger scale. Philanthropists themselves can ultimately benefit from automated smart contracts as the recipients of grants will only be able to use their funds after meeting mandatory conditions.
All the many advantages
that blockchain delivers will spur the growth of the charity industry. This new
technology is already being studied by major market players such as UNICEF, the
World Bank and Bill & Melinda Gates Foundation. Over the past few years, a
number of respected charitable organizations such as the Red Cross, Save the
Children and United Way, among others, have already begun accepting donations
in cryptocurrencies.
Summary:
a possible synergy of markets
The global estimate of three fastgrowing markets —
charity, e-commerce and cryptocurrencies — exceeds $3.5 trillion. By ensuring
the necessary trust bet-ween donors and the aid recipients, blockchain
technology can propel this industry to incredible new heights.
The rise of a charitable blockchain platform
integrated into online commerce loyalty programs and cryptocurrencies will
change the philanthropy industry forever. The symbiosis of e-commerce and
cryptocurrencies will facilitate an increase in the number of donors. For those
involved in online commerce, offering a bonus affiliated with charity is an
effective way to position their brand on an emotional level with their clients,
as well as being an important element in any PR-campaign. And, finally, the
whole process is just very convenient for everyone involved.
The advantage of the blockchain solution is that the
benefits of working with the platform are evident. All the data generated from
the receipt and movement of the donations will be available to anyone who
wishes, for example, to donate money towards the development of a new cancer
drug, and to an airline that encourages such actions by awarding such a donor
with promotional miles.
Website
: https://www.humancoin.net/
Ann
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