Charity can be tricky business especially when you have no idea where your money will end up in the process. Enter Bitcoin.
Charity can be tricky business, especially when you have no idea where your money will end up in the process.
But Bitcoin and the revolutionary blockchain technology behind the cryptocurrency are now being adopted by a number of global charities and non-governmental organizations in order to “improve transparency” and track and transfer funds quickly.
Blockchain Payments Adoption Is Nigh
Recently ratings agency Moody’s released a report titled “Threat of Blockchain and Cryptocurrencies Is Distant but Inevitable” that reassured the U.S. payments sector that the “threat” of blockchain and cryptocurrencies is “distant” but that eventually businesses will use the technology. But Moody’s also thinks that blockchain technology is a disruptor and poses a potential long-term competitive threat to the existing payments sector. Moody’s highlighted a number of “tech-enabled entrants” that are transforming the electronic payments landscape in the U.S., including charities.
So which charities are adopting blockchain and cryptocurrency payments? CharityStars, a online fundraising auction platform headquartered in U.S, Italy and the U.K. that supports UNICEF, Save the Children and WWF, has announced that cryptocurrencies will now be accepted on its platform.