Setting up a mechanism that ensures charitable contributions can exclusively be utilized for their intended purpose appears to be a technological challenge. In reality, the most challenging inquiries often arise after the initial problem is resolved. What are the consequences if funds are obtained for a medical therapy, yet the therapy is cancelled?
Who has the authority to determine if a taxi ride can be considered as part of ‘medical expenses’? What occurs when an individual involved in the verification process commits an error? What is the process of incorporating a blockchain-based system into a company that does not plan to revamp its accounting and payment infrastructure using blockchain technology?
Alexander Belanov, the founder and CEO of Blagochain, has faced this challenge during the transition from the platform’s initial technical design to its practical application. Blagochain employs a dedicated blockchain to monitor charitable donations and impose limitations on the utilization of funds designated for specific purposes.
While collaborating with charities and payment providers, implementation led to a series of practical inquiries. We discussed his insights on the team’s learnings from charities, banks, and verifiers, as well as instances where an immutable system must adapt to a changing environment.
The European Data Protection Board has suggested that organizations prefer permissioned blockchains when handling personal data.
