Blockchain charity donation platform launched
New fundraising platform aims to make blockchain mainstream in the charity sector and improve transparency in fundraising.
AidCoin have announced the beta launch of blockchain-based donation platform AidChain – a fundraising platform designed to improve trust and transparency in the charity sector.
Based on the Etherium blockchain system, the AidChain platform is a website connecting users to charities worldwide, helping them find interesting projects, make straightforward donations and easily track donations, while allowing full transparency and traceability of donations.
AidCoin is a cryptocurrency token that allows people to donate transparently through the blockchain and to access the ecosystem of services provided by the AIDChain platform.
The platform will include an AidPay payment gateway in the form of a widget, which enables verified charities to accept donations in different crytocurrencies via their websites. The cryptocurrencies are instantly converted into AidCoin, which makes it possible to manage all of the donations received in a single digital wallet.
A chain of trust
The AidChain system aims to make blockchain mainstream in the charity sector as a way to create more trusted relationships between donors and charitable causes.
According to the Charity Commission’s latest report on public confidence in the charity sector, public trust in fundraising organisations remains low, with transparency in spending still an issue.
Blockchain technology is being trialled by many different organisations as a method to establish trust in the digital economy.
A blockchain is essentially a database or ‘ledger’ that can record all sorts of information such as financial transactions, legal agreements, medical records and more, along with a timestamp.
As Lucas Mearian for Computer World explains, the nature of a blockchain means that it contains a true and verifiable record of each and every transaction made in the system, allowing for extremely secure and immutable records of transactions without the needs for banks or other third party payment processors.
The AidChain platform has also already raised $16.5M (around £12m) via its ICO in January, and is backed by CharityStars, a fundraising platform where celebrities and brands can donate experiences or unique items to raise money for the charitable causes.
Early adopters of AidChain Beta include TokenStars and LastMinute Foundation. Both projects share the ambition to bring crypto into the mainstream and enable more people to donate to charities in a safe and transparent manner.
London-based Giftcoin is another blockchain startup that aims to enhance transparency and trust in charities by enabling donors to track where their money goes. Released in December 2017, you can read more about the platform here.