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Charities Must Embrace Blockchain to Make Genuine Impact, Report Says

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Charities Must Embrace Blockchain to Make Genuine Impact, Report Says

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A report conducted by independent think tank Charity Futures concluded that charities have yet to engage with blockchain with the kind of urgency required to keep up with technological advances, writes Live Bitcoin News.

The study, ‘Nothing to Lose (But Your Chains)’, was clear in pointing out that the charity sector had as yet failed to tap significantly into available blockchain technologies.

Asheem Singh, former interim chief executive of the charity’s lead body Acevo, who commissioned the report, said that blockchain held great potential for charity organizations. “Blockchain could herald the sort of seismic changes in the charity sector as the digital revolution before it,” he wrote.

The report suggests that there is one area of significance where blockchain could make the most impact should it be employed. Foreign aid was singled out, noting that aid distributed by the UK government currently stands at 0.7% of GDP, which in 2016 was GBP 12.7 billion. International aid has been susceptible to corruption and bureaucracy in many receiving countries, which are exactly the kinds of problems that blockchain’s accountability can address.

Many charity organizations are dragging their heels regarding the new technology according to the report. “Despite the potential benefits, the charity sector is currently behind the curve on blockchain technology,” the study said.

The report recommends the use of DLT by creating a transparent, end-to-end supply chain for each project. This means that all those involved – government departments, NGOs, funders, charities, local offices, delivery partners, and the individuals receiving the benefit have access up to the moment information regarding the funds or supplies donated.

Some charities and NGOs are getting it right, however. Along with IBM, both the UN and the World Food Programme (WFP) are now proactively using blockchain to record transactions.

As previously covered by Bitcoin News, WFP has been employing the blockchain in a number of its projects and making a significant impact in the field as a result. In just one of its recent programs, the organization has distributed cryptocurrency-based food vouchers to more than 100,000 Syrian refugees living in Jordan, bypassing bureaucracy and getting aid to where it’s needed.

Singh feels that it is time charities came together with those actually creating the technology, in order to fully draw on its potential across the whole sector.

“It may be time for the sector to convene a high-level task force that brings together charity leaders and technologists… to articulate the contribution blockchain can and should make to the charity sector and the problems it is trying to address.”

 

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