REGULATION AND BLOCKCHAIN
The Financial Conduct Authority in the UK is one of the most progressive regulators when it comes to blockchain technology and have a sandbox by which new methods and blockchain applications can be tried and tested.
At the event, Disberse, a financing organisation focused on delivering aid globally and operating on a blockchain platform, make a distinction between trust and confidence. Whilst the transparency that blockchain offers can increase consumer confidence, this must not be mistaken for trust. Trust, they pointed out is developed between people and is personal. And therein lies the value of the intermediary.
Organisations such as CAF are trusted to authenticate, support, and offer a human level of communication between donors and causes, and directly connect them when appropriate. Blockchain transparency will become a value-add to the very human desire to create a better world, and will help ensure that progress towards this is achieved.
And it is companies like Alice, who are utilising blockchain for this transparent and accountable method of tracking impact with smart contracts between donors and charitable beneficiaries, that are taking advantage of the blockchain system to help deliver confidence in transactions and trust in organisations.
So, blockchain is not the death of philanthropy as we know it, but a new strong tool to ensure that all who engage in this sector are transparent and accountable.