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A-Cubed Launches DLT Project to Track Crypto Donations for Charities and Non-Profits

A-Cubed Launches DLT Project to Track Crypto Donations for Charities and Non-Profits

Reading Time: 2 minutes by on September 21, 2018 Blockchain, Business, Exchange, Investment, News
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Airbus’ Silicon Valley outpost, A-Cubed has kick-started an open source, public DLT based project to foster a sustainable ecosystem for charities and non-profits that are making use of cryptocurrencies and smart contracts for social purposes. Per a September 18, 2018, report by ZDNet, the France-headquartered aerospace giant’s philanthropic arm, The Airbus Foundation, is the first entity to utilize the ethereum (ETH) powered blockchain platform developed by Heritage.

Blockchain for Philanthropic Purposes

According to the report published on ZDNet, Airbus Foundation will be provided with a distributed ledger technology-based application to ensure efficient management of cryptocurrency based donations for itself and its partners. Heritage will offer the said application.

A-Cubed explained:

“Many of the organisations that could benefit most from blockchain are denied access due to resource skill or knowledge gaps. Heritage wants to open these organisations up to a new class of donor.”

Notably, fundraising and donations are the first use case for Heritage’s blockchain-based platform.

Apart from The Airbus Foundation, Museum of Art, Design, and Entertainment and animal welfare organization HartSong Ranch Animal Sanctuary also took part in A-Cubed’s pilot campaign, where an internal test of the donation platform was conducted.

Working with UNICEF for DLT development

The firm aims to establish a standard for other non-profits in the future using the blockchain application. The company stated that the reason behind releasing the project as open source was to encourage its community to set and contribute to standards in the emerging world of the distributed ledger technology.

The company added:

“Charities are often constrained by a lack of resources that impacts the good they wish to accomplish. While they could greatly benefit from blockchain technology, they’ve often been overlooked. Heritage shortens their adoption gap and connects charities and cryptocurrency donors to accomplish their goals in new ways.”

Donation data will be recorded as an ERC-721 token owned by the donor on the Heritage blockchain. Transactions, where a donation is made through Heritage, will be logged along with the donor’s ethereum address and donation amount.

Blockchain Enters into New Avenues

It is the unparalleled security and immutability of the blockchain technology that makes the platform an ideal fit for the non-profit and donation organizations around the world.

BTCManager reported on May 7, 2018, that a San Francisco based charity raised a whopping $14 million in crypto donations, including bitcoin (BTC), ether (ETH) and ripple (XRP).

Similarly, FundCru, a DLT powered fundraising platform made the news late last year for utilizing the revolutionary 21st-century technology in the non-profit and charities world.

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