Saving Charity (Part 3/6): Bitcoin vs the Global Mega Charity
As government programs have taken over the role of the wealthy estate in the provision of long term funding for public hospitals, schools and more, individuals who live in places with robust welfare and public health have increasingly been pushed towards the use of Charities that take their funds and move them into another country. This process takes time and moves the money much further, necessitating its passage through many sets of fingers, and adding opacity to the donation process.
How do we trust at any point that a Charity receiving our money is using it to the benefit of the people they claim to help?
"Bitcoin allows us to do the equivalent of directly handing someone a $5 bill on a global level. Funds can be structured such a fund becomes something of a public funnel into which money is donated, showing a visible, public record of every cent that leaves. In this way, the flow of money becomes completely visible."
It becomes simple and easy to structure donation funds to allow detailed auditing and tracking through the use of a single global ledger. As long as sufficient detail is recorded from each transaction anyone can conduct an audit, and this can be receipts, photographs, documents and more and simply and cheaply store them on-chain creating a chain of accountability.
Charities can be created at any scale allowing someone who donates to choose at a very granular level where their money goes, and follow the progress made as it is used.
The privacy of both donors and receivers can be maintained through the use of aliases which serve as a legal anchor for online services. These aliases serve as a convenient subset of identity that allows funds to determine easily if someone is a valid recipient of the money.
This way, donors can track the money they give without those receiving knowing from whom it came. These aliases can be used to send and receive payments, participate in social media, receive notifications and would serve as their login to on-line services. These handles are linked to wallets that can make instant payments across global services on a micro-scale changing charity for the better.
A charity can now move funds in real-time, allowing for new paradigms of giving. Imagine buying dinner for a child on the other side of the planet by sending some cash directly to the owner of the restaurant giving it to them moments before it is served. Instead of (or as well as) supersizing a meal at a fast-food restaurant, diners could feed someone on the other side of the world for an extra $1 in a way that is traceable for accountability, taxation and more.
See their faces, see what they are getting, right then and there.
This innovation is sure to change outcomes for people all over the world as human generosity can be so precisely directed an explosion of empathy can be channeled to improve outcomes for people everywhere.
Read previous posts in this series:
About Brendan Lee, Head of Technology
Mr. Lee's career to date has been focused on increasingly senior roles within industrial design, automation, and control, focusing on software design and implementation. Most recently, Mr. Lee was the Bitcoin Engineer Lead for Tokenized Group Pty Ltd, a company responsible for the Bitcoin Tokenized protocol, which is a comprehensive, regulation-friendly solution for businesses to create tokens for real-world assets on the BSV blockchain. Follow him on Twitter
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For daring readers, this blog piece was somewhat inspired by fellow Australian Steve Hughes’ performance talking about charity and the homeless.
Warning: profanity/complex humor