RATE Group | The charities using blockchain for fundraising
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The charities using blockchain for fundraising

27 Nov The charities using blockchain for fundraising

Posted at 10:58h in Cryptocurrency News by

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Blockchain and cryptocurrency – they’ve been much-hyped tech buzzwords for at least a couple of years now, with IT analyst Gartner promising that they will be transformational in ‘most industries’ over the next decade.

But while the tech is a while a long way from becoming mainstream in the charity sector, there are certainly some fascinating possibilities for charities, philanthropy and civil society as a whole.

 

Blockchain 101

Blockchain is a new type of algorithm technology based on some highly ingenious mathematics. A blockchain is essentially a secure and trustworthy public digital record book of transactions. Data that is held in a blockchain is extremely secure as once data is in the ledger it cannot be manipulated or falsified, and all the transactions taking place in the blockchain are completely transparent and happen quickly and automatically.

These special characteristics of blockchain have led to the creation of digital cryptocurrencies built on the…

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