The current charity industry is relatively at a low level, largely attributed to its centralized nature which accounts for lack of trust by donors and philanthropists towards donating to charity projects. Donors which are mostly private indivuduals lack the means to verify if their donations reached the recipient in full and within the required timeframe. In cases where they choose to transfer such donations with the aid of specialized organisations, about 20% or more are kept back by the organisations as administrative expenses which diminishes the value of the donated fund at the end of the day.
According to World Giving Index 2017, comailed annually by Charity Aid Foundation, one out of every three person on Earth donate to charity at least once in a year with private individuals as the most active donors accounting for 80% of total donations to charity foundations. MarketInsightsReports, estimated the total value of the charity market at an impressive $747 billion, which is apart from various peer-to-peer transactions.
Two of the fastest growing markets which is the e-commerce and cryptocurrency market promises an exponential growth if integrated into the charity industry. With the global online commerce market expected to reach $4 trillion in 2022 and the crypto market at a current market capitalization between $300 -$800 billion.
A synergy if these markets, charity, e-commerce and cryptocurrencies exceeds $3.5 trillion. In order to ensure trust between these collaboration blockchain technology is necessary to propel the philanthropy industry to greater heights.
Humancoin aims to create a blockchain project that will unite philanthropists and recipients of donations on a single transparent and secured blockchain platform in a most convenient and efficient manner as possible.
Humancoin blockchain platform will comprise of donors from the charity, e-commerce and cryptocurrency industry which will be given the ability to make donations worldwide, monitoring their donations on the blockchain.
How will they achieve this?
The global e-commerce market is estimated at $2.3 trillion in 2017, estimated to reach an impressive value of $4 trillion in 2022 with a current study carried out by Pew Research Center poll, which states that 8 out of 10 Americans are active online shoppers.
Humancoin therefore seeks to integrate consumer loyalty programs in the e-commerce market into the charity industry. The integration of charitable blockchain into online commerce will push the charity industry into an unending growth forever. Online retail stores will offer a bonus affiliated with charity to shoppers which will create an emotional feeling in the minds of clients which in turn will lead to increased sales. The bonus affiliated to charity will ultimate be donated to charity projects on the platform.
Humancoin will also integrate cryptocurrency into the charitable blockchain as its token, Humancoin will be the medium of making donations to charitable projects on the platform. Cryptocurrency provides a less expensive, fast and secured medium for making payments. Therefore using Humancoins mainstream adoption of cryptocurrencies will be ensured by the platform.
BENEFITS OF HUMANCOIN
The Humancoin charitable blockchain will provide the following benefits, some include:
Peer-to-Peer Transactions: transactions between donors and recipients on the platform will be transparent allowing for traceability and trakability through the adoption of blockchain utilized with smart contracts. This will ensure the elimination of intermediaries like specialized agencies, NGO’s and so on.
User-friendly Interface: the platform will provide a very functional user-interface which will display a list of all charity projects broken down according to category, a ranking system and voting tools.
Humancoin intends to create a synergy between the philantrophy, e-commerce and cryptocurrency industry through the adoption of blockchain utilized by smart contracts, ensuring a transparent and peer-to-peer ecosystem between donors and recipients.
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