The glorious revolution that the blockchain and cryptocurrency are affecting on our day to day activities will make one wonder the future effect of cryptocurrencies and blockchain. Is blockchain not the future of the internet? Is it not a big development, especially now that it has reached the charity ecosystem?
Block chain has actually done a great job in different areas. In this article, we will discuss some of the key areas that blockchain has impacted.
Blockchain In Banking
The banking industry would be boisterously affected by blockchain. It will shake the industry, by securing, digitizing, and injecting funds into the sector accurately.
Now, a collaboration of Barclays and Swiss bank are experimenting blockchain as a means of expediting bank works. Recently, banks are pumping in funds into the sector with hopes it will shake the sector in few years to come.
Blockchain In Charity
The Opakeco Foundation, a new blockchain venture with a vision of the world where humanitarian causes are fully transparent and held accountable, has deemed it possible to achieve humanitarian transparency using blockchain technology and smart contracts.
The brains behind the idea say it will give donors the advantage to follow donation all the way up to the person in need of aid and create insight into how these charities function.
The ICO for the charity blockchain, which will be launched on the 21 September, 2017 is making big progress. The foundation has however partnered with investors and charities despite the significant challenges ahead of which one of it will be finding partnerships with charities willing to become more if not completely transparent, Akash Parmesar, Co-founder of the Opakeco Foundation has revealed in a brief discussion with me.
“This technology will revolutionize the charity ecosystem; now the question is: Which charities are ready for this change?”
The founders of the Dutch startup have listened to the community and decided to cut their percentages in half. Besides this, other measures have also been undertaken to ensure contributors and the founders have their intention aligned with the goal of the foundation. Such measures include the slow release of the founders’ shares over a five-year period to ensure long term dedication to the project.
The foundation has made these decisions to emphasize their trustworthiness towards contributors amidst recent ICO scams; this is contained in a straightforward and short explanation of the platform on Youtube.
Fund Payments And Transfers
Bitcoin, Ethereum among other cryptocurrencies are being used as a means of payment and fund transfer within and outside the country. Now, some e-stores demand the usage of cryptocurrencies due to its accurate and secure protocol.
Although there has been little reception of cryptocurrencies by well-known online store, this is creating a setback for the industry.
Other Areas Where Blockchain Will Function
Supply chain and management, ride sharing, education, voting among others are going to be shocked by blockchain. However, there are many hindrances, which may pop up in the future.
Conclusion
The blockchain is a revolution that may become the future of the internet, with many prospects and incoming development, it is a future driver of the world’s economy.