The blockchain startup Consensys partners WWF for transparency in philanthropy. Consensys founded by the co-founder of Ethereum (ETH) Joseph Lubin collaborated with the non-governmental organization World Wildlife Fund (WWF) to launch the platform dubbed ‘Impactio’ ensuring transparency in philanthropy.
The announcement reveals that the main motive behind launching this platform was to trace the spending of the funds by companies for the social impact projects.
Consensys partners WWF for Impactio
Individuals and the companies using Impactio would have to submit their projects with clearly stated objectives. These objectives may include; inequality, sustainability issues, emerging communities related to the environment as per the seventeen Sustainability Development Goals of the United Nations.
Then curators will receive Impactio Tokens in digital wallets, and the platform will use Token Curated Registry (TCR) in order to curate and choose the project with high potential and then will present them to the potential funders.
The co-founder of ConsenSys Social Impact Robby Greenfield stated that numerous nonprofit organizations struggle to prove that they have been using the funds efficiently and effectively and how they have been aligning it with the goals of their funder.
In fact, a study by Nolo, a law firm revealed that around seventy to eighty percent (80%) of two hundred and twenty thousand (220,000) non-profit organizations had allocated their expenses improperly.
Blockchain Embraced in philanthropy
The social entrepreneur and Ethereum-powered token AidCoin’s founder Francesco Nazari Fusetti stated that it is important that charities stay in touch with their donors all along.
He further stated that by adding proofs of payments will surely help in creating a success story, and this can only happen with the help of blockchain technology.