BitGive Foundation, a California-based nonprofit that leverages Bitcoin and Blockchain for global philanthropy just announced the launch of GiveTrack, a newly developed blockchain-based donation platform.
This system which is considered a first of its kind provides a method of tracking bitcoin donations in real-time while delivering a permanent record of global financial transactions from inception to endpoint.
Founded in 2013 by nonprofit industry figure Connie Gallippi, BitGive was the first Bitcoin 501(c)(3) recognized by the US government. The organization’s mission is to fuel humanitarian and nonprofit work by aligning emerging Bitcoin and Blockchain applications. Over the course of its existence, BitGive has provided extensive outreach and educational resources for the nonprofit sector while integrating social impact with financial technology. It has established strong partnerships and raised funds for prominent nonprofits including Save the Children, TECHO, Medic Mobile and The Water Project
GiveTrack signifies a major advancement in BitGive’s efforts to leverage Bitcoin and cutting-edge blockchain applications for social good. It offers a unique solution to the problem of fiscal transparency, a prevailing challenge for nonprofits worldwide, by providing donors and nonprofits alike with the ability to see the flow of value from the initial donation to fund allocation and deployment. The platform also provides project status updates so donors can see their contributions in action. This includes the confirmation of delivery and the tracking of project outcomes.
The use of blockchain technology to drive GiveTrack enables the publication of records to an openly available, permanent ledger that preserves confidentiality. Relevant data is captured along each step of the process and recorded on the blockchain, which mitigates data tampering and false accounting.
Says Gallippi, Founder of BitGive, “GiveTrack epitomizes our mission to make use of innovative technologies that will improve philanthropic work while driving new donations. We are proud to have developed an effective tool that will aid in humanitarian efforts for causes around the world. This will create operational efficiencies and deepen the trust between charities and their donors.”
When GiveTrack becomes fully operational, Gallippi is confident that it will revolutionize the bitcoin giving space. “While GiveTrack is currently functioning in the real world, it’s not reached full capacity quite yet in terms of what it can potentially do. We are planning to raise funds in order to build out the product so that it has more functionality for different business practices and nonprofit niches. We also want to see it accommodate various ways of transferring and converting funds in different parts of the world, especially in more remote areas.”
Gallippi see all of this as just the beginning:”
“ What I find even more exciting about GiveTrack is the ability to actually track financial data for the charity and donors. We want to take this to another level by developing ways of analyzing the collective data on the platform so we can develop interesting data visualization reports. This will allow us to examine what sort of collective impacts are actually occurring in different parts of the world – all in a very interesting, interactive format for donors and even the public to see.”
Concludes Peter Chasse, President and Founder of The Water Project, who worked closely with BitGive on the project: “We recognized early on, in working alongside BitGive, that the blockchain provides a whole new way to allow confidence-inspiring real-time auditing of how organizations like ours spend the public’s donations. GiveTrack allows charities to prove, in an approachable way, what they’ve been doing all along, namely providing sustainable, cost-effective solutions to people who need them most.”