• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
Nexo

BitGive Addresses Non-Profit Accountability With Bitcoin Technology

Jp Buntinx by Jp Buntinx
7 years ago
in Bitcoin, Bitcoin Acceptance, Bitcoin Breaking News Brief, Bitcoin Service, Blockchain, Breaking Bitcoin News, Companies, News, News teaser, Services, Technology
0
Advertisement

An interesting collaboration has been formed between BitGive Foundation, Factom, BitPesa, The Water Project and The Plug and Play Accelerator. Such a partnership would not come to fruition without a good reason, and all noses are pointed in the same direction. There is one simple goal for this effort: building a transparent donation platform connecting donors to the results of their generosity.

Also read: BitGive Asks for Donations for Bitcoin Community Services

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Ending Non-Profit Accountability Issues Through Bitcoin Technology

Funds collected by charitable organizations offers very little to no transparency in terms of how it is being spent or used. The collective of companies mentioned above wants to allow users to track donations on the Bitcoin blockchain by combining it with Factom technology. No longer will donors have to worry about whether or not funds is being spent properly, or ending up in somebody’s deep pockets.Bitcoinsit_BitGive Factom

Even though the misuse of funds is not as common in the non-profit sector, there are still a few cases where certain goals are not being accomplished due to dubious expenses. Having a public and powerful tool to see where your donation is going to, and how it is being used by charitable organizations, offers a whole new level of transparency unlike anything the world has ever seen.

Achieving this level of transparency will not come easy, which is why a pilot program will be set up in the next few weeks. The Water Project is well-known for building water wells in western Kenya, and blockchain technology combined with Factom’s platform will be used to monitor the funds spent on maintaining these wells.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Peter Kirby, president of the Factom Foundation, explained it as follows: 

“We are tackling a difficult problem with a lot of moving parts. It was possible in the past to sort out the flow of money, but the reality was that you could not trust the data. It is only now possible through the blockchain to record and timestamp that data without the possibility of going back later and changing it without anyone knowing. We can’t stop individuals from misusing funds, but now we can easily tell who did and when. We are bringing some clarity aBitcoinsit_Technology_The Water Projectnd honesty to where funds go. We hope to apply this new technology to more complex cash management and identity problems that we face.”

The Water Project will hold a separate fundraiser for additional water wells in western Kenya. That funds will then be transferred by The Water Project and BitGive through the BitPesa platform. Factom will log all transactions associated with the raised funds, and link them to the appropriate Factom chain. All of the currency conversions required along the way will be trackable, making the entire process visible to the public.

It will be interesting to see how well this joint effort works, and whether or not this technology can be integrated on a larger scale in the future. With several major players on board for this project, blockchain technology can finally receive a spotlight for the greater good of all the people on this planet.

What are your thoughts on this effort, and do you see any potential flaws or improvements to be made? Let us know in the comments below!

Source: Press Release via Mail

Images courtesy of Factom, BitGive, The Water Project

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Jp Buntinx

Jp Buntinx

JP Buntinx is a freelance Bitcoin writer and Bitcoin journalist for various digital currency news outlets around the world. In other notes, Jean-Pierre is an active member of the Belgian Bitcoin Association, and occasionally attends various Bitcoin Meetups in Ghent and Brussels

Related Posts

Sango, President Faustin-Archange Touadéra

The Central African Republic Unveils Sango Project, Disappoints The World

3 hours ago
Bitcoin

Bitcoin Legalization Pushed By Mexican Senator, Despite Central Bank’s Opposition

1 day ago
Oslo Freedom Forum, Lyn Alden screenshot

3 Lessons From The Oslo Freedom Forum: BTC Is Different – Neigut, Alden, Feinstein

1 day ago
Bitcoin

Bitcoin Funding Rate Turns Deep Red, Short Squeeze Soon?

2 days ago
Legal Experts Reveal Regulatory Uncertainty Around Crypto Could Spike Lawsuits

Legal Experts Reveal Regulatory Uncertainty Around Crypto Could Spike Lawsuits

2 days ago
El Salvador

El Salvador, Unfazed By The Bear Market, Buys 80 Bitcoin – Will Others Do The Same?

3 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.