Blockchain for charity and philanthropy is an emerging arena where the likes of Alibaba are already on the bandwagon, while some believe that in the rapidly changing scenario where people are wary of the word charity due to scams blockchain can provide some relief.
In the cryptocurrency world, Huobi charity recently announced its blockchain for charity program amidst Coronavirus to help China, while Binance blockchain for charity program is already on board.
Blockchain for charity and the case for Gates Foundation
The wealth of the world is distributed unevenly, according to the Inequality Organization, the richest one percent own 44 percent of the world’s wealth. In 2019, Forbes issued a list of world billionaires, which included 2,153 people all around the globe.
After Jeff Bezos, Bill Gates is the second richest man on Earth. However, Bill Gates also famous because of his philanthropic activities across the globe. His philanthropic organization, Bill and Melinda Gates Foundation, launched in 2000, has been leading philanthropic activities to provide relief in emergencies, aids in global healthcare, and work for disease eradication, poverty alleviation, and much more.
Bill Gates and his wife Melinda Gates have had a long list of charity works, but when an organization is operating on such a large scale, there are times when some element of mistrust develops though the Gates couple is the true philanthropist, however, sometimes their charity organization work in areas where there is economic and political interest.
Although Bill Gates has made it a point that the investment returns from the charity funding are non-personal, yet the issue certainly raises questions about the authenticity of the charities made by the organization
The well-known charity scandal was in 2010 due to the misconduct of the American Red Cross. When Haiti was hit hard by an earthquake, this charity raised about half a billion dollars donations. The organization vowed to support rebuilding Haitian towns and villages; however, even after five years, not even a single road was constructed. Such events compel people who are making donations to think twice before making a move.
Now the question rises that fearing such disgraceful incidents, and in order to save themselves from disgrace, should Gate Foundation give blockchain for charity a thought? Truth be told, despite being an adamant supporter of blockchain and blockchain for charity.
The case looks rather grim, Yes, every transaction is one of a kind exchange between two parties, that protects its users from suffering from identity theft but at the same time, with the advent in blockchain technology, big names would steal away the limelight as usual that serve centralized agendas and Gates foundation rather Bill Gates has been bashed for the same recently.
Cryptocurrencies such as Bitcoin operate with the transparency of a high level. Moreover, all the transactions of cryptocurrencies are public, traceable, and are stored in data banks permanently. In the recent past, acclaimed charity organizations adopted blockchain for charity to get donations successfully. Some of those organizations are Save the Children Foundation, United Way, and Red Crosse. This is public working for the public, and if big controversial names jump up, the small efforts may lose hope in blockchain for charity, bringing us to the same problem we face today.