IBM in collaboration with Global Citizen and NGO announced they sponsor a contest for a blockchain-based charity donation platform, reported Cointelegraph on May 12.
American multinational technology giant IBM stated that one major challenge that philanthropic group faces is to have the certainty that the donated funds are used efficiently and really goes to the ones that need it.
“If we are going to solve societal issues such as extreme poverty or infectious disease, we need to make sure that every cause is getting the money they were promised, especially from the world’s most impactful donor group: federal governments.”
The main purpose of the contest is to create an incentive to help the development of a blockchain-based platform that could track philanthropic donations from when they are sent to when they are received.
The project is called “Challenged Accepted” and consists of developing a three-member network on the IBM Blockchain Platform where donated funds transfers are executed by a government, registered with aid organizations, and confirmed by Global Citizen.
The winning application will get a feature on IBM’s website and will get a session with IBM, Global Citizen and other giants in the industry to determine how to implement the application. The code of the project will also be available for others that want to create similar projects.