Over the past year, blockchain technology has been touted as the miracle solution to all of society’s pressing ailments. From food supply chains and insurance claims, to art authentication and DNA sequencing, blockchain technology is touching almost every industry, and humanitarian and nonprofit work is no different. While blockchain technology has the potential to significantly impact these sectors and their efforts, it is not always the best fit for every organization. Nonetheless, nonprofits should fully evaluate the technology to understand if it aligns to organizational needs, and if so, determine any necessary business justification for implementation.
This article provides an introduction to blockchain, potential use cases for philanthropic work, and suggested steps for examining if it is right for your organization.
Introduction to Blockchain
In response to the 2008 financial crisis, an anonymous individual, or group of individuals, developed a technology to decentralize control and power of money, so often abused throughout the financial services industry. Many may recognize this as the advent of Bitcoin (often unfairly linked to criminal syndicates), but it was also the first mainstream recognition and acceptance of what is commonly referred to as blockchain technology...
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