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Sometimes, it can be difficult to fathom how a technology associated with cryptocurrency easily connects with the non-profit sector.
But why not?
Today, blockchain solutions have been successfully implemented in many sectors, from smart business contracts to art verification to digital KYC to business process management.
Technically the only thing that differentiates a non-profit organization from a commercial organization is its primary goal is not to make money. But still, these non-profit organizations will have business needs such as project management, accounting, analytics, etc.
So no wonder non-profit organizations can also leverage blockchain consulting services to help them solve their organizational issues and can drive down costs, and donor information, protect data, and increase efficiency. Let’s delve deep into the top non-profit issues and their blockchain-based solutions.
Non-profits Organization Can Save Money with Blockchain
Blockchain systems can automate many repetitive tasks and administrative processes, which can eventually slow down the operations of non-profits business.
When blockchain is integrated into non-profit organizations, processes like record-keeping and regular data audits are streamlined. Also, releasing up teams to focus on high-level strategy rather than day-to-day minutiae.
Also, by saving costs, blockchain can give organizations cost-effective solutions to help facilitate growth. The best example to give is Microsoft Azure. They use blockchain technology to allow organizations to scale out without security risk.
The Security Advantages of Blockchain for Non-profits
The main purpose of blockchain is to give organizations complete control over their own data. The technology is designed in such a way that it will regulate the flow of information between parties by automatically keeping an unaltered record of data.
This feature of blockchain allows non-profit organizations to permanently log every transaction that moves in and out of each department. This will not only allow hackers to penetrate the system, but also it will be impossible for internal users to edit or delete archival data.
Since most non-profit organizations deal with money transactions, a blockchain ledger could reduce money corruption.
For instance: Using a blockchain: “Each dollar you gave to the charity can be tracked from its starting point to the human being it benefited, just by using your smartphone. So by this, it is clearly understood that blockchain is also highly benefited by the non-profit organization,” says Salman Parcy, Head of Global Business.
If blockchain is integrated, even a single person from an ecosystem will get the ability to make some noise if they suspect something wrong. They can immediately halt the use of funds or notify to authorized person.
Blockchain Fits For Every Sector!
From fintech to blockchain as a service to non-profit organizations, this technology has been widely adopted because due to the fact that it solves the critical issues related to trust, and accountability and rebuilds the faith of people investing in doing good.
Usually, non-profit businesses don’t have enough proficiency with emerging technologies to make adoption, which is completely understandable because their goals fall into a different category. So in this light, organizations should leverage blockchain service providers or experts on the matter to squeeze the most potential and value out of the blockchain technology.
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.