Blockchain technology has completely transformed the way operations are conducted in various industries. The philanthropic world has also undergone immense change with the introduction of blockchain as it plays a key role in infusing trust in charitable organizations. Today, donors can keep track of the impact that their contributions are making through blockchain while charities can incentivize the entire donation process by using crypto tokens. The impact of blockchain in philanthropy can be gauged from the fact that according to the 2023 Annual Report on Crypto Philanthropy by The Giving Block, crypto donations surpassed $125M in 2022 with a record number of 1,052 nonprofits beginning to accept crypto through The Giving Block that year.
Thus, it’s no surprise that several philanthropic blockchain projects have come up in recent years. This blog will ease your search for the best philanthropic blockchain projects to invest in. Here are five blockchain projects that have successfully created a sustainable philanthropy ecosystem.
1. BitGive
BitGive was the first blockchain project that leveraged blockchain technology’s potential for lowering transaction costs, accelerating the donation process, and giving donors a way to keep a tab on the progress that the charitable campaign had made. BitGive’s donation program offers donors real-time financial information.
It also gives them insights into the results that their supported projects have attained. The platform refrains from engaging with financial institutions and other intermediaries, which makes the entire donation exercise seamless, and transparent, trustworthy.
2. Binance Charity
Binance Charity is another decentralized blockchain platform that facilitates wholly transparent transaction flows. It allows donors to see how their donations are being utilized and also provides them with a mechanism to keep track of the impact that they have made.
The platform has made massive inroads in the philanthropic world by undertaking several projects such as enhancing the living conditions of refugees, providing African children healthy and edible food, supporting education in underdeveloped countries, and assisting in relief work in disaster-stricken areas. As donors, you can either choose which project to donate to or you can simply donate funds to the Binance Charity Wallet and let the platform disburse them. Also, you can check the impact that your donations have made.
3. Philcoin
Philcoin is the world’s first socially powered philanthropy app that uses a Give-to-Earn mechanism for global philanthropic activities. The project has successfully raised more than 1.7 million Philcoin (PHL) through donations from charities operating in the United States, India, South Africa, and Latin America. The platform has recently formed strategic partnerships in Latin America to reshape the region’s blockchain landscape and revolutionize philanthropy.
The funds generated by Philcoin go toward fighting issues like women and child abuse, providing shelter to people affected by tragedies, and facilitating food drives and medical support. Its proprietary app, PHILApp, has a reach of more than 250 million across the globe. People can earn rewards every time they use the PHILApp. However, they can only access these rewards by sharing tokens for philanthropic activities.
4. SEEDS
SEEDS is a platform and currency that focuses on sustainability and strives to make a social impact by leveraging blockchain technology for the creation of a decentralized ecosystem. The platform facilitates funding and offers assistance to projects that seek to address social and environmental issues.
The platform ensures accountability, efficiency, and transparency in its social and environmental initiatives. Like the other blockchain platforms on this list, Seeds also allows donors to contribute to causes that they care about and also lets them keep a tab on how their donations are making a difference. By using smart contracts, Seeds automates the allocation of funds and ensures that resources are distributed in a fair and transparent manner.
5. Giveth
Giveth is another groundbreaking platform that has redefined philanthropy by making the most of blockchain technology. The platform operates on the Ethereum blockchain and facilitates crypto donations, thereby, making the entire process efficient, seamless, and borderless.
Giveth uses a direct P2P donation framework and has a rigorous verification process in place to ensure that only genuine philanthropic projects find a place on its platform. The donated funds are directly sent to the owner’s Ethereum wallet and Giveth doesn’t collect any fee for these transactions.
Wrapping Up
Today, there is an abundance of philanthropic blockchain projects that are striving to make a difference in the lives of people who are in the utmost need of help. Blockchain philanthropy is encouraging people to help the needy through direct donations and cause-based impact investing. Subsequently, this switch from organization-centered funding to cause-based donations will further encourage blockchain adoption among small nonprofits too, thereby, creating new opportunities for nonprofitable organizations and disrupting the conventional forms of giving.
