New project to Allow Tracing Charity Money on the Blockchain

New project to Allow Tracing Charity Money on the Blockchain

Charity donors can now trace their donations thanks to GiveTrack, a project launched by the BitGive Foundation.The company is still working on the

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Charity donors can now trace their donations thanks to GiveTrack, a project launched by the BitGive Foundation.

The company is still working on the minimum viable product – a customized platform for nonprofits. The prospects are quite promising as the service will allow donors to trace their donations. They will be able to make a real time check on the amount of funds generated by contributors and how money is spent.

Cryptocoinnews.com writes that GiveTrack can improve access to funds in the developing world while reducing the fees of traditional cross-border transactions.

Charities have already started adopting Bitcoin. US charitable organizations like Greenpeace, American Red Cross and Save the Children have turned to Bitcoin donations, according to an article in the Wall Street Journal (wsj.com).

Ettore Rosetti, director social media and digital marketing at Save the Children, said before the Wall Street Journal: “We want to remain contemporary and relevant to current and future generations. We don’t only want to be your grandmother’s charity, we want to be your grandchild’s charity. One way to do that is to accept Bitcoin.”

The BitGive Foundation, the first Bitcoin nonprofit foundation, partners with Save the Children, The Water Project, Medic Mobile and other charities. The project wants to demonstrate Bitcoin`s social power by supporting charitable organizations with fundrising and educational campaigns.

GiveTrack has planned to create a broadly applicable platform, feedback loops and reporting mechanisms that are going to be used by one of their leading partners – the Water Project. The mission of the Water Project is to provide clean, safe and reliable water across sub – Saharan Africa, according to their website thewaterproject.org.

GiveTrack and the Bitcoin may provide a more transparent system of donations, and thus attract more contributors.

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