GiveTrack, a project of the BitGive Foundation, uses blockchain technology to allow charity donors to trace their donations. The service allows donors to trace transactions in real time to see how funds are spent, ensure they reach their destination, and review the results generated from…
GiveTrack, a project of the BitGive Foundation, uses blockchain technology to allow charity donors to trace their donations.
The service allows donors to trace transactions in real time to see how funds are spent, ensure they reach their destination, and review the results generated from contributions. It will also help reward good actors, educate donors and avoid fraudulent activities.
GiveTrack can improve access to funds in the developing world while reducing the fees of traditional cross-border transactions.
It will build a customized platform for nonprofits that provides a comprehensive user interface. The minimum viable product is currently under development.
The project’s lead charity partner, The Water Project, supports water projects in western Kenya in addition to other charities worldwide. Future GiveTrack phases will include a broadly-applicable platform, data analysis layers, feedback loops, reporting mechanisms and more.
Project funders include Matthew Roszak of Bloq, Rocelo Lopes of CoinBR, Rodolfo Andragnes of Bitcoin Argentina, the Walter and Karla Goldschmidt Foundation and others.
Major U.S. charities are increasingly allowing donors to contribute in bitcoin. The article noted that charities are following merchants in accepting bitcoin, in part because the transactions carry lower costs than credit and debit card payments.
In late 2012, when bitcoin was at its peak value, nearly 30 charities raised more than $1 million in a “Bitcoin Black Friday,” according to the BigGiveFoundation. The organizers marketed these events on Twitter, Facebook and Reddit.
The BitGive Foundation is the first 501(c)(3) bitcoin nonprofit charitable foundation. Its mission is to leverage the power of the bitcoin community to improve public health and the environment worldwide. The foundation focuses on demonstrating bitcoin’s social value on a global scale through supporting charitable organizations with fundraising campaigns, education and partnerships. Its charity partners include Save The Children, The Water Project, Medic Mobile and more.
Image from Shutterstock.
Last modified: January 25, 2020 11:56 PM UTC