I was just reading an article that came out today where Elon Musk says (rightly) that it's very hard to give away money in terms of charity and charitable donations if you really care about the outcomes of what you're giving the money out for.
Elon Musk says it's 'very hard to give away money effectively' if you care more about the outcomes than the optics of philanthropy (msn.com)
Above is the link to the article. I 100% agree with Elon. There is so much red tape and so much bureaucracy in the giving world that in some cases it is said that less than 10% of the money donated actually goes to the cause that you have donated to and the rest goes into the hands of the people managing the organization either through operational costs or just plain corruption! This is the hard reality.
So naturally you may ask, are we doomed? Is there no hope at all? This is where blockchain comes in to save the day and the world!
A lot of these transactions are either untraceable and simple people don't want things to be traced and audited. If we implement a full transparency enabled blockchain system where every step of the giving process is on chain and can be traced back to who did what, I think this will solve that problem.
People like Elon have said they have no issue in giving, they just want full accountability and full transparency and this is completely possible if the whole process goes on the blockchain and I really hope someone is building it or actively working towards it.
If you are a developer or an entrepreneur, this is a great idea for you to work on to make the world a better place.
What do you think?