Source: CAF Online (https://www.cafonline.org/about-us/publications/blockchain)
New models of digital 'cryptocurrencies', such as Bitcoin, could present both major opportunities and challenges for charities. In this video we look at some of these opportunities and challenges, such as the potential for ‘radical transparency’ of donations, the possibility of making it easier to get aid money to where it is needed and the challenge of anonymous cryptocurrency donations.
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The blockchain is the decentralised, shared public ledger at the heart of Bitcoin and other cryptocurrencies, but it also has far wider applications. This video looks at the role blockchain technology could play in boosting transparency and trust in charities; the impact of new assets becoming available for giving, and the potential for ‘smart contracts’ that govern philanthropy. This leads to the idea that in the future, ‘smart’ domestic appliances could become ‘AI philanthropists’.
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In this video we consider whether blockchain technology could be used to transform the way charities are created and regulated. We look at what it might mean for registering and monitoring charities; whether it could open up the possibility of 100% transparent, real-time financial information on charities; and explore whether smart contracts could result in a fundamental shift in the way rules are enforced. We also consider whether this could eventually spell the end of traditional charity regulation.
Read the full report here