GiveTrack – BitGive Financial Transparency & Project Outcomes?
GiveTrack aims to provide real-time financial transparency and project outcomes to create a better future for philanthropy. Find out how it works today in our review.
What Is GiveTrack?
GiveTrack, found online at GiveTrack.org, aims to create a more efficient philanthropy platform. The platform was created by BitGive with the goal of bringing transparency to the charity sector.
BitGive is a non-profit organization that has been working in the charity sector since 2013. The platform prefers the use of bitcoin for donations, and was the first bitcoin charity organization to achieve legal non-profit status in the United States.
In October 2017, GiveTrack released a beta version of its GiveTrack platform online. The platform has reportedly been in development for “quite some time”, according to our friends at The Merkle, and plans to “revolutionize the way we think about charitable donations in the first place.”
BitGive first announced the GiveTrack project back in December 2016.
How Does GiveTrack Work?
How does GiveTrack plan to introduce transparency into charitable donations? GiveTrack aims to provide insights into the lifetime of your donation. Using GiveTrack, anyone in the world will be able to track a donation from the very first day to the final stages of implementation.
Obviously, one of the major issues with today’s charities is the lack of transparency over funds. Many charities have benevolent goals, but spend far too much money on fundraising or administration. Users want to support charities that efficiently deliver on their promises.
With that goal in mind, GiveTrack will provide transparency using blockchain technology. Blockchain provides an immutable record of donations, including how the donations are received, processed, and used.
Charities can use GiveTrack to create a campaign for a particular project, and a donor can follow their specific donation. Donors don’t just follow the lump sum of payments used by the charity: they follow the specific amount they donated. You can watch as your money moves from the charity’s wallet to another wallet in Kenya, for example, where it’s used to build wells.
Donors can also see updates on the project and view photos of the results in real-time.
Typically, donors don’t see this information until after the charity has written a report, after a watchdog organization has reviewed and vetted the information, and the report has been placed on a common platform. With GiveTrack, things have changed.
BitGive, or the BitGive Foundation, was the first bitcoin non-profit. It’s registered as a 501(c)(3) under the Internal Revenue Code in the United States.
BitGive was founded in 2013.
BitGive was launched with the goal of using cryptocurrencies to enhance the efficiency of the charity industry. Today, a wide range of charitable initiatives take place in developing parts of the world. These countries may have limited banking infrastructure. Moving money from the developed world to these countries is difficult and expense. It also exposes charities to potential fraud or crime, as recipients move money to areas where bribery is rampant.
BitGive proposed using cryptocurrencies to avoid this problem. Cryptocurrencies are seamless and international. They can instantly send money anywhere in the world.
Since launch, BitGive has hosted a number of charities. BitGive has worked with well-known organizations like Save the Children, which first started accepting bitcoin back in 2013.
Other charities that have worked with BitGive since launch have included The Water Project, which provides access to clean water across sub-Sahara Africa, and Medic Mobile, which offers a software toolkit to healthcare providers working in remote areas.
BitGive is registered in Sacramento, California.
GiveTrack is a new blockchain-based initiative from BitGive. With GiveTrack, donors can give money to a cause, then watch their donation over time. Donors can see their specific donation as it gets transferred to the target country, for example. Donors can give money to transparent charities that genuinely use donor money for legitimate causes.
To learn more about GiveTrack, visit the platform online today at GiveTrack.org.