What is Blockchain & How Can it Benefit Nonprofits?

Signify Studio is committed to helping nonprofits grow through the use of a focused and goal-driven website. We have the experience and the drive necessary to take your reach to the next level. Oftentimes, this means helping our clients understand industry developments and how they can help their cause reach new heights.

Case in point: Blockchain. If you spend much time on the internet, then you’ve probably seen a certain amount of buzz about this groundbreaking technology recently. As more and more companies turn to Blockchain, it’s a trend that’s gaining worldwide momentum in every industry. So, maybe you’re wondering how it will affect nonprofits? Well, we’re here to talk about that.

What is Blockchain?

Blockchain is a digitized public ledger of all cryptocurrency transactions. Information held on a blockchain exists as shared data, with transactions being recorded in chronological order. Digital information is allowed to be distributed but cannot be copied, making it a revolutionary technology.

Originally devised for the digital currency, Bitcoin, other potential uses for Blockchain are now being discovered. It’s proven to be an asset when dealing with wealth management, ethical and eco-friendly business practices, travel transactions, and even in the battle against voter fraud.

How Can Your Nonprofit Benefit from Blockchain?

Here’s the thing… for many of the Blockchains, we’re seeing a ton of hype because of the buzzword attached to it, but there’s also a certain amount of misinformation out there. With so many people trying to find out about so many different projects, there are overlaps and misunderstanding among different projects. Fortunately, from what we’re seeing, it’s a lot more simple than it seems.

Makes It Easier to Donate to Your Cause

There are people who have currency that they’d like to spend and give to a cause. Your organization can set up a wallet to be able to accept crypto-donations and be ready for the donors when they are ready to give.

This is what we encourage you to start thinking about:

• Set up an account and open a wallet to accept crypto-donations (i.e. Bitcoin)

• Get familiar with the process to be able to accept smoothly

• Choose a trustworthy person to manage the crypto-accounting

• Consider your donation process and how to handle any paperwork

Increases Security

Because the entire network lacks a centralized location and reconciles every transaction every ten-minutes, it cannot be corrupted. Data is stored across the network using cryptography, which creates a record that can’t be changed, and eliminates the risks and vulnerabilities that are present with centrally-located data.

Creates Transparency

Blockchain data is hosted by millions of computers simultaneously, which makes it 100% public. That means that a company can share easily verifiable documents like tax records and expenses with the public. Plus, it’s also perfect for open transaction processing and records management.

With increased transparency comes increased trust. Think about it, if you were considering donating time or money to a cause, wouldn’t you like to know where the money goes? With Blockchain, companies and organizations can share all that information and more with the public. This level of transparency undoubtedly builds trust and generates more leads, conversions, and donations for your organization.

Helps Your Brand

Beyond transparency, using Blockchain helps your overall brand in other ways. In the ever-changing world of technology, it important for your nonprofit to stay up-to-date with current trends. Using Blockchain shows you make the effort to keep up with the latest technology, are open to improved ways of doing business, and it also shows you’re willing to go the extra mile to build trust. All of this helps your brand immensely.

What Now?

So, what should you do right now? Keep learning and preparing. We recommend if you’re looking to begin accepting cryptocurrency, start by including a sentence on your website letting people know you accept it and to call you. That way, you know who is giving the donation and also track it.

Listen to cryptocurrency expert, Scott Silverstone’s podcast to hear lots of advice for nonprofits about Blockchain and Bitcoin. Scott gives the low-down on how to accept Bitcoin, immediately mitigate your risk and avoid getting burned! One key takeaway, which he discusses in-depth: “Organizations should be open to accepting Bitcoin, but have policies in place that mitigate risk.”

Want to Learn More? – Contact Our Web Design Experts Today!

Our graphic and web design experts at Signify Studio are available to answer any of your questions regarding Blockchain and how it can help your nonprofit organization. With all the exciting benefits, Blockchain could be a great way to increase your membership and donor levels.

We can also help you design a dynamic website, a fresh logo for your company or organization, and even build a digital marketing campaign to skyrocket your reach. Call today or click here for your FREE 15- minute website and online presence assessment!  We look forward to helping your organization thrive!