As Wallebi reported previously, many charity companies started to use cryptocurrency and blockchain technology. In fact, cryptocurrency world opened new doors to charity activities. Many people who couldn’t contribute in such those activities, started to be part of the programs by donating cryptocurrency. Although using blockchain technology in charity is still quite young, many people and companies attracted to it. In fact, charity platforms using blockchain because of the transparency and reliability of this technology. Participants who contribute in donating can track their donation in order to make sure it is spent for the right purpose. In the latest news, a Malaysian company is developing a new blockchain-based app for charity purposes.
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Malaysian company is developing a new blockchain-based app for charity
This time, blockchain is using for good and philanthropy purposes. IBF Net is a Malaysian based company, which is trying to implement blockchain technology in Islamic charities. They believe that blockchain is able to increase the confidence of existing donors significantly.
In addition, it encourages new Muslim donors in order to donate their zakat. Zakat is the payment; which Muslim people give it for charity purposes under Islamic law.
They called the new project RecurPay. This project will be on Tezos platform and facilitate automatic small payments.
The IBF Net explained that by using blockchain technology, the donors could make sure that their payment is spent for the right purpose and reach the beneficiaries. In fact, the donors can track their donation and are able to see the effect of their contribution on specific steps.
Blockchain helps Islamic charity and donations
Mohammed Alim, the CEO of IBF Net, explained that using blockchain technology has many advantages in Islamic charity. For instance, it reduces cost of intermediation and enhance transparency.
Malaysia is not the first country
As we mentioned above, many charity companies started to use cryptocurrency and blockchain technology so far. Since COVID-19 pandemic goes on, many crypto companies started setting up charities in order to raise money for frontline workers. For example, Give.org launched a blockchain platform, which focused on privacy to facilitate donations.