Philanthropy in layman’s terms is being human, which leads to caring and giving to people in need. This is one of the behaviors which differentiate us from other living organisms on this planet. The urge for giving grows as we evolve and move up the maslow’s hierarchy. With the passage of time more and more people are getting involved globally in this noble cause of giving, leading to the creation of an organized sector called – CHARITY.
Approximately 1.4 billion population is contributing to charities leading to an approx fund of $1.2 trillion being raised annually globally. As per the latest statistics, Indonesia, Australia, NewZealand, USA, Ireland are the top 5 countries contributing to the philanthropy domain. The major segments in which charity is raised currently are Education, Childcare, Women protection, Healthcare, and Environment.
As with any industry Charity domain too now needs to evolve to cater to future requirements and to set up systems which help the humankind at large. Challenges which this domain faces currently are trust, transparency, reach and awareness, the speed of execution, processing and fundraising cost to name a few.
The Blockchain solution:
Blockchain technology can help legit charities overcome these problems thus contributing to enhancing the global happiness index.
Trust, transparency, and accountability: The biggest problem in the charity domain is trust as the individuals/corporations who are donating sometimes are not sure if their contribution is reaching the end user. Blockchain using its distributed ledger process ensures 100% transparency as the accounts are in public view and anyone can crosscheck the flow of funds to the last mile.
Reach and awareness: Blockchain because of its borderless feature connects the global population and allows anyone sitting even at home to connect seamlessly to the global audience thus allowing a global platform to reach out to anyone they intend to help.
The speed of execution: This is another strong value proposition Blockchain provides to Charities. In traditional mode of fundraising the banking channels consume a lot of time and fee as well, sometimes this even extends to days for international transfers. Blockchain reduces this timeframe from days to seconds and that too at a lower fee making it a win-win situation for both the donor as well as the charity.
Cost of fundraising: As per the latest statistics only approx 67% of the funds raised reaches the intended use; the rest is lost regarding fees, administration fundraising cost, etc. Blockchain can bring down this 33% substantially thus ensuring the better utility of the funds raised.
TRON protocol is an emerging Blockchain solution which aims to create decentralized internet. Charities choosing to use the TRON platform would end up gaining the following benefits along with already mentioned benefits of Blockchain as mentioned in the previous segment.
Ease of Use: Creating an account on TRON platform is super easy and takes less than a minute. Also, a lot of Dapps are launching their mobile wallets thus making it very convenient to use. Charities can create accounts in less than a minute on www.troncan.org and get started, the same is applicable for any user as well who wishes to donate.
Leveraging Technology: Developers in the TRON system are continuously working to provide user-friendly solutions. They have developed bots which helps in tipping to any charity possible even on social media like telegram, twitter. Seedit, Robominer are few of the prominent bots already in use.
High Liquidity: TRON is available in 160+ trading pairs across multiple exchanges as per the latest CMC data making it practically available to everyone.
Speed: The transaction is lightning fast which means it takes just a few seconds to transfer funds across the globe. Mobile, website, social media are few platforms which can be used to complete any transaction.
Scalability: TRON platform has the capacity to process 748 TPS (transactions per second) while the current usage is approx 20-25 which gives enough space to accommodate future increase in volume and still maintain the current performance level.
Global Community: People eventually are the heart of any charity initiative, TRON with its rapidly growing community offers a huge audience spread across the globe. As per tronscan date, there are already 1.34 million accounts live with TRON and its increasing exponentially (1st million took approx six months, next 0.34 million has happened in less than a month).
Ease of Creation: TRON protocol also provides an easy to use system for any project to create a TOKEN on its platform. The cost for the same is also very nominal. This low entry barrier allows projects which have a great idea but limited resources to also get started and subsequently work hard to convert their idea into a working proposition.
There are already few charity projects which have understood this potential and have launched on TRON platform. KsumNole, Alivio, TreeOfLife are few for the noticeable projects which are already live on TRON eco-system. KsumNole among these has garnered the highest support and interest with some unique concepts to filter and identify real supporters and philanthropists.
Considering the above parameters, the future looks very promising for Blockchain in Charity domain. The current penetration of Blockchain in the complete Charity eco-system is less than 1% thus there is a huge upsurge in adoption growth expected. The Millennial and GenXers are gradually increasing their contribution in charity, and they also happen to be the flag bearer of enhancing Blockchain usage.
What needs to be done now is to work hard in creating awareness and build systems which are legit, scalable and solves real-life problems. Honesty and Transparency are going to be the critical ingredient for long term success.
As the saying goes ‘The world calls for and expects from us, the simplicity of life, the spirit of prayer, charity towards all, especially towards the lowly and the poor, obedience and humility, detachment, and self-sacrifice. Without this mark of holiness, our word will have difficulty in touching the heart of modern man.~ Pope Paul IV’ all we need is a good heart to make a difference.
Image courtesy of PixaBay.