New Delhi, October 15, 2024 – As concerns over transparency in the charitable donation process continue to grow, Ishrath Nawaz, a decisive promoter of blockchain technology wants to see a measure put in place through blockchain that will ensure accountability in charities around the world.
In a recent conference focused on issues of financial integrity, Ishrath made a case for the inclusion of donation management into blockchain and how it revolutionizes and enhances the processes therein.
Why Blockchain is the Future of Charitable Donations
According to Ishrath Nawaz, one of the key challenges in the charity sector today is the lack of visibility into where donations go once they are made. Donors are often left questioning whether their contributions are reaching the intended recipients or being used effectively.
“Nonprofit entities are responsible towards their contributors and this problem can be solved by using blockchain technology,” noted Ishrath Nawaz. Every transaction, every donation, will be monitored, and every time a transaction is carried out, there are real-time information receipts to ensure all funds are applied where they should be.”
Blockchain, a decentralized ledger technology, offers a transparent and immutable record of all transactions. This means that every donation recorded on the blockchain is publicly visible and cannot be altered or manipulated, giving both donors and recipients confidence in the integrity of the process.
How Blockchain Can Revolutionize the Charity Sector
Ishrath Nawaz outlined several key benefits of using blockchain in charitable donations:
- Transparency: Donors can track their contributions from the moment they donate until it is used by the recipient, ensuring complete transparency.
- Trust: With the immutable nature of blockchain, donors can trust that their funds are being used appropriately, as the technology makes it impossible to alter or manipulate data.
- Efficiency: Blockchain removes the need for intermediaries, allowing donations to reach recipients faster and with lower transaction fees.
“Blockchain isn’t just a buzzword—it’s a real solution to real problems,” stated Ishrath Nawaz. “When implemented correctly, it will revolutionize the way charities operate, making them more efficient and accountable.”
Ishrath Nawaz Pushes for Global Standards in Blockchain for Charities
While giving the keynote speech, Ishrath Nawaz spoke about why there would be a need for global standards in the usage of blockchain technology for charitable organizations. He called upon the governments as well as the world charity organizations arguing for the accorded notion in how to build a legal rebuttal revamping accountability in every social group.
“It’s not enough to just take the technology. There is a need to set up an international standard that all charitable organizations will be in a position to comply with. This will make sure that the maximum usage of block chain technology in changing the charity sector is harnessed,” explained Ishrath Nawaz.
Vision for a Transparent Future in Charity
Unlike the rest of the industry, Ishrath Nawaz is confident on the changes that the blockchain will bring to the charitable sector.
He is of the opinion that in the next few years, a greater number of organizations will be utilizing blockchain to boost donor confidence and also enhance transparency to make sure that no donation is wasted where all are constructively used.
