Whenever disaster strikes, people, organizations, and governments are often looking for a generous way to give as a show of charity. Since most of these donors cannot go to the disaster site or meet the victims, the rest of the task is left to the charity organizations or the governments to ensure the distribution of the donations.
However, more often there rise cases of fraud and mismanagement of the monetary assets meant for the charity. The use of blockchain technology is said to have the capacity to reduce these deficits and build more trust within the donor industry. Here is an example of a blockchain charity platform plans to bring honesty back to charity giving.
UTOPI is a blockchain venture that intends to utilize blockchain technology to bring transparency, and honesty back into charitable giving. The platform will use the technology to solve the significant problems of transparency to ensure the exact use of the donations.
With our current system, there is little room to ensure the security and safety of the funds in use, and that makes the charities more suspicious and less trustable. However, UTOPI use of cryptocurrency and smart contracts will ensure the funds do not fall into less-than-noble purposes which the donors did not have in mind.
The Basics of UTOPI
Apart from the use of blockchain technology, UTOPI works like a typical charity organization. The user registers and donates to UTOPI, and the funds undergo documentation to authenticate the transaction. The immutable documentation allows for UTOPI to runs on a Dispatch protocol which speed up the transaction process within the platform.
In return, these features make the transactions more efficient and scalable, especially for large-scale philanthropic use. The platform will also offer exclusive live streaming right to its users to watch celebrity-exclusive events on charity and donations.
How Utopi Will Revolutionize Charity
The decentralized nature of the digital ledger allows for the scrutiny of the transactions and how the funds have been put into use by the charitable organization. That will go a long way into protecting the authenticity of the use of the donations.
Security of the Transactions
Each donor contribution is chronologically recorded and securely stored within the decentralized digital ledger for access by anyone. Furthermore, the records are irreversible making the system tamper-proof from third-party interference or manipulation.
Gives Power and Control to the Donor
The use of smart contracts allows for the donors to decide the offering campaigns that will receive the funds, how the distribution will take place and the channels of the distributions. In short, donors will have more rights over the funds’ allocation.
Is Utopi a Viable Project?
Apart from the claims to offer transparency and celebrity exclusive charitable events, there isn't much to admire about UTOPI. The platform has not taken the liberty to introduce how they intend to share their philanthropic donations or how the contributions will reach their victims. For any wise crypto investor, this might raise suspicion.
Additionally, the blockchain world is facing many cases of charity ICOs turning out to become scams. Such a scenario might play out with UTOPI due to some of its characteristics. As such, it is wise to stay away from such ventures that promise to donate without a plan on how to conduct those activities.