Decentralized and financial approach to effective charity

Shruti Jalan, Abhijit Mustafi, Pratyush Agarwal

Abstract:

Abstract—In this fast pacing world of modernisation, people
are moving ahead at the expense of affecting the society
cataclysmically and making the people more standoffish and
aloof. Some people are becoming too competitive to earn money
while others have no clue how about getting even a penny. But at
the same time, there exist people who wish to contribute to the
society out of altruism. But the existing centralised systems and
brokers for charities are so corrupt that people lose belief in
these trustless systems and hence the charities become futile.
What if we can use the rapacious ideology of money minded
people coupled with the modern technology to make the charity
system more effective and trustful. Using an approach of
decentralisation, cryptocurrency and finance for donations, the
system of charity can be improved to a great extent with the
added advantage of the involvement of even these people in a
conducive way. We propose a system, backed by cryptocurrency
transactions, to make the system of charity more transparent and
trustworthy where the charity (in form of work) by individuals or
organizations is done first and then that work can be sold later as
a stock (here we call it a certificate). This will work in a manner
similar to the exchange market using crypto-currency. So, people
can raise money out of it, just like stocks but finally the money
would go to the charities, as the certificates can only be generated
by the charity doers. The complete system will be decentralised
using Blockchain Technology, Smart Contracts
[2] and
Cryptocurrency. This system would facilitate any individual to
contribute independently to the society using his time and
abilities apart from just money, and ultimately this will lead to an
increase in hands towards the amelioration of the society
Keywords—Blockchain, Ethereum, Smart Contract, Charity,
Peer-to-peer transactions, Cryptocurrency