Ivan on Tech Academy provides latest insights and reports about the blockchain industry.
Anyone who has ever heard about the concept “Industry 4.0” will likely know that blockchain technology is revolutionizing sectors left and right. With that said, however, blockchain in the charity sector is still a relatively new concept. Nevertheless, blockchain charity projects can transform traditional nonprofit accountability and transparency. Accountability in nonprofit organizations is paramount to a charity’s success. Without trust, a charity cannot expect to have donors.
Clearly, transparency in nonprofits and charitable causes needs to increase for trust to be restored. Several reports of misappropriated donations and funds have marred the charity sector. People are now often less-inclined to donate to charities since they have to trust humans to ensure that donations reach their intended destination, without any funny business along the way.
Thankfully we now have blockchain technology. We no longer need to trust humans. Instead, we can trust maths...
Blockchain technology first came about with the launch of Bitcoin in 2008 and the technology has, over the years, predominantly been associated with cryptocurrency, ICOs (initial coin offerings), and, more recently, decentralized finance.
The nature of the technology boasts apparent advantages to the traditional financial sector; however, now other industries are beginning to recognize the uses and applications of blockchain, they too are starting to integrate this technology.
Many businesses are finding benefits with the technology's use cases across different sectors. In this article, we will discuss a variety of business models using blockchain in various industries, and how these help shape the fourth industrial revolution, a.k.a. "Industry 4.0".
Blockchain technology, sometimes known as distributed ledger technology (DLT), is a relatively new form of a database for transaction information, stored in a decentralized and transparent manner.