How Blockchain Technology Is Revolutionizing Philanthropy

4/25/18

Shared by Grant Station

How Blockchain Technology Is Revolutionizing Philanthropy

By: Diana Holder

It all started with an unknown individual, or individuals, named “Satoshi.” In early 2009, as the world was in the early stages of one of the deepest What is Cryptocurrency and Blockchain Technology?

A cryptocurrency is defined as “a digital or virtual currency designed to work as a medium of exchange. It uses cryptography to secure and verify transactions as well as to control the creation of new units of a particular cryptocurrency.” Bitcoin was the first cryptocurrency to be invented, joined by newer ones including Ethereum, Litecoin, and Monero, amongst others.

The technology that enables the use of cryptocurrencies is referred to as blockchain technology. Without getting into the technical details, a blockchain is a distributed, public accounting ledger that allows anyone to view transactions on the network. Blockchain enthusiasts tout the technology as a means to create a more decentralized world, one in which trusted institutions, such as banks or governments, are no longer necessary in order to carry out person-to-person transactions. Entities across the globe, including those in the philanthropic sector, are currently exploring the potential uses of this technology beyond cryptocrurrencies.recessions in recent memory, Satoshi unleashed a new invention to the world: Bitcoin. Designed as a decentralized global currency, Bitcoin started trading at pennies on the dollar and has recently grabbed headlines worldwide as its value has skyrocketed. But what many people are unaware of is that Bitcoin and the technology behind it, known as blockchain technology, are opening up new opportunities in the world of philanthropy.

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