Bitcoin and hundreds of other blockchain-based cryptocurrencies are on the rise, allowing a new form of digital money that is not tied to a specific government. The technology that makes cryptocurrency possible is called blockchain, a decentralized general ledger controlled by all its users rather than a central bank. While money based on large amounts of code may sound really complicated to understand, there are key aspects of blockchain that make it a very attractive technology for nonprofit organizations.
The distributed aspect of blockchain enables global organizations to be more efficient. For example, the UN World Food Program (WFP) was able to use blockchain to make cash-based transfers to organizations who are supporting Syrian refugees. Accordingto Robert Opp, WFP’s director of innovation and change management, “blockchain technology allows us to step up the fight against hunger.” Through this program, the UN can cut costs, control financial risks such as fraud and respond more quickly to emergencies.
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