Whether we like to admit it or not, charities and non-profit organizations have become a hotbed of corruption and corporate greed. The further one ventures into emerging markets, the bigger this problem becomes as compliance and enforceability grow weaker. It’s high time these issues are addressed so that reputable organizations can continue to attract donations in pursuit of a worthy cause.
A growing body of research suggests that transparency and accountability are the biggest factors people weight when deciding to donate to an organization. In other words, donors want to know where their money is going and how it is being used right down to the transaction level. Although charity tracking organizations have emerged to hold organizations accountable, they only cover a fraction of non-profits operating around the world. These organizations also lack tangible information on how funds are being used from the moment they are donated to the time they are spent.
The Vantage Network uses powerful blockchain technology to remedy these challenges and bring accountability and transparency back to financial contributions. The Vantage Contribution Tracking Platform allows donors to track, rank and evaluate charitable organizations based on how transparent they are. Each organization is assigned a Reputation score that serves as an overarching metric for how well they are run. Organizations with higher Reputation scores are more likely to attract more donations in the future.
By ranking charitable organizations based on transparency and efficiency, the Vantage Network allows market forces to determine which organizations are better run and more deserving of donations. Of course, charities are merely one type of organization that is supported by the Vantage Network. The platform can evaluate transparency and assign reputation to virtually any type of organization that relies on financial contributions — be it academia, government or fundraisers.
Charities, aid organizations and non-profit institutions have a vital role to play in the global market, and are often on the front line of important social, humanitarian and economic issues. By promoting accountability and transparency, they can better position themselves as worthy recipients of donations. Donors can also feel more confident that their contribution is going to its desired cause.
In its quest to bring transparency to the Giving Economy, the Vantage Network is holding a crowdraise for its new XVT token, the cryptocurrency that will enable the system to track both contributions and spending.
To learn more about the project,
visit our website https://www.vantage.network
https://t.me/vantageofficial