Blockchain technology has tremendous potential to facilitate sustainable action. Various companies try their hand at creating a more sustainable planet and rely on distributed ledgers to secure funding. Interestingly, these efforts are more varied than one may think, resulting in varying degrees of success.
Why Blockchain Matters In Funding Sustainable Projects
There is no shortage of projects trying to do social good these days. Most people are familiar with efforts like Red Cross and UNICEF, which have been around for decades. Moreover, every country has more local initiatives that aim to bring financial relief to those in need, either domestically or abroad.
One flaw all of these projects have in common is their lack of transparency. More specifically, users never know where their money ends up or how funds are spent precisely. That became rather apparent when the Red Cross collected billions of dollars in support for Haiti years ago, yet only a few shacks were built, and the rest of the money somehow disappeared. In addition, having too many intermediaries in the chain to handle funds means less cash makes its way to those who need it.
The demand for more transparency has become much louder in recent years. Especially with sustainable planet-oriented ventures, as they attract a lot of money. That makes the transparency of funds all the more crucial. Blockchain technology seems like an obvious solution, as it provides public and immutable records of all transactions. Several projects have begun experimenting with this approach, all the while trying to build a more sustainable future for future generations.
Continue reading: https://www.nasdaq.com/articles/how-blockchain-can-provide-funding-to-sustainable-projects
Why Blockchain Matters In Funding Sustainable Projects
There is no shortage of projects trying to do social good these days. Most people are familiar with efforts like Red Cross and UNICEF, which have been around for decades. Moreover, every country has more local initiatives that aim to bring financial relief to those in need, either domestically or abroad.
One flaw all of these projects have in common is their lack of transparency. More specifically, users never know where their money ends up or how funds are spent precisely. That became rather apparent when the Red Cross collected billions of dollars in support for Haiti years ago, yet only a few shacks were built, and the rest of the money somehow disappeared. In addition, having too many intermediaries in the chain to handle funds means less cash makes its way to those who need it.
The demand for more transparency has become much louder in recent years. Especially with sustainable planet-oriented ventures, as they attract a lot of money. That makes the transparency of funds all the more crucial. Blockchain technology seems like an obvious solution, as it provides public and immutable records of all transactions. Several projects have begun experimenting with this approach, all the while trying to build a more sustainable future for future generations.
Continue reading: https://www.nasdaq.com/articles/how-blockchain-can-provide-funding-to-sustainable-projects
