Blockchain and charity: How to restore trust in philanthropy
Trust in charities is declining, but blockchain technology has the potential to restore it. Charity initiatives reflect our humanness in a world too much focused on individualism and consumerism. However, trust in charitable organizations and nonprofits has declined drastically over the last few years. Many businesses and individual influencers use giving for branding and promotion, often ignoring to ensure their funds reach the destination accordingly. The latest “Trust in Civil Society” report by Independent Sector found that trust in nonprofits and philanthropy among U.S. citizens had declined in 2023 compared to 2020. In the UK, according to a Charity Commission of England and Wales report, the percentage of people who describe charity as ‘very important’ has dropped from 72% in 2008 to only 56% in 2023. How can blockchain bring back trust in charity? Blockchain technology can underpin financial infrastructure capable of providing an alternative to the traditional way of doing...