Blockchain donation platform speeds up funding
Solution strengthens capacity of grantees in charity fundraising and crowdfunding, says Foundation.
Philanthropic investment technology provider Locus Chain Foundation has launched a fourth-generation of blockchain* solution that (it claims) will enable a secure end-to-end transaction to be concluded in under two seconds – irrespective of the broadband connection speed.
The Foundation describes itself as a ‘transformative force’ for the emergent new global financial ecosystem. It is backed by industry-engaged experts with more than 20 years of expertise, the Foundation said.
Locus Chain Foundation is expanding its technology to offer tools and services to strengthen the capacity of grantees in charity fundraising, resource development, crowdfunding, and access to donor/foundation databases via its technical platform, said Sang Yoon Lee, President & CEO at Locus Chain.
“We’re very proud to launch the fourth generation of blockchain technology with cutting-edge security access and transaction with biometric inputs,” Mr Yoon Lee added. “We are now applying the blockchain technology, which once seemed to be far removed from the real world, to real life. [We are] developing it as a technology that anyone can use. Our team forms a unique blend of technology, finance, business, and humanitarian talent.”
The Locus Chain Foundation is also setting-up a funding mechanism that will use the fourth-generation blockchain technology to help beneficiaries receive funds directly in the form of crypto-assets.
“This is, perhaps, for the first time that such a large-scale initiative is being implemented by utilising blockchain technology,” added Mr Yoon Lee.
The Foundation has signed partnerships with organisations from around the world. Along with its partners, the Foundation will implement the funding mechanism to help the supported causes, said Keun Young Kim, Founder at Locus Chain Foundation.
“Very few organisations are willing to take a risk as the initial funder – they want a safe bet,” Mr Young Kim added. “We believe that the given technology elevates awareness of these emergent leaders and its services and programs. It will spur-on others to provide additional support, and create a ripple effect in the community based on the clearance.”
* CDN JargonBust: A blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a cryptographic hash of the previous block, a timestamp and transaction data. By design, a blockchain is inherently resistant to modification of the data. It is ‘an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way’. Source: Wikipedia.