Social startup looks to disrupt charities with blockchain » Charity Digital News

Social startup looks to disrupt charities with blockchain

Dutch social startup Opakeco Foundation has a vision: a world where humanitarian causes are fully transparent and held accountable – and it is using blockchain technology to make digital transparency a reality.

Opakeco will enable users to communicate with different charities and verified donor’s. The platform will let you see to what extent a certain donor or charity is accountable and transparent.

The platform functions on the basis of “Karmo” tokens that can be bought. Token holders can exert control over the foundation and support charities. In other words, supporters don’t only know where the money transfer lands, they can also hold the foundation accountable by getting a complete view of the inner-workings of Opakeco. The speed of the money transfer is another added value of using blockchain based cryptocurrency, especially in the case of emergency and disaster relief.

“We really think the world is ready for transparency, we think it’s actually necessary,” states Akash Parmesar, CEO and co-founder of Opakeco. Referring to the fact that currently there are still 700 million people around the world living in extreme poverty and only 15-20% donations actually get to people it’s was intended for.

Opakeco hopes to eventually become the quality label for measuring the transparency of charities and well-doers. It plans to raise funding for its platform via a so-called ICO or Initial Coin Offering on September 1. “Our ICO, will release funds on a quarterly basis and we expect to be able to fund the platform with these funds for at least four years,” says Parmesar. “According to our own financial forecast, we will reach a break-even in the first quarter of the second year. So the extra funds gives us the option to expand our team even further and add more features.”

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