Blockchain-based startup Consensys has partnered with World Wildlife Fund (WWF), a non-profit governmental organization that works towards wilderness preservation. Together, they are launching a platform called ‘Impactio’ for developing transparency in the usage of their funds and donations.
Non-profit organizations generally fail to effectively provide transparency regarding their use of funds to their donors, which becomes a hindrance for incoming donations. In fact, most of these NGOs do not have proper resource allocations aligned to their objectives. Impactio allows the donors to feel confident about their donations by collaborating with experts who develop a consensus after critical analysis and perform other due diligence.
This platform uses Ethereum blockchain technology and tokenization to increase the association between subject matter experts, individuals and organizations who indulge in philanthropic donations. The individuals and organizations using this platform will have to submit their projects with clear objectives for issues ranging from sustainability and inequality to emerging communities and the environment, all enshrined in the 17 sustainable development goals of the UN. The tokens issued to these subject matter experts can be held in a digital wallet. This is coupled with a Token Curated Registry (TCR) from Consensys which will be used by the platform to curate high potential projects and present them to prospective funders.
Social entrepreneur and Aidcoin founder Francesco Nazari Fusetti emphasized the need of charities and non-profits to be transparent and in touch with their donors all the time. He said:
“Adding proofs of payments will surely help in creating a success story, and this can only happen with the help of blockchain technology.”
Image Courtesy: Pixabay