Forward Protocol for Non-Profit Organizations and Charities
Non-profit organizations (NPOs) are legal entities formed for a single purpose — to provide public and social good through resources gathered from goodwill, charitable donations, and allocations from different sources. They typically do not pay much attention to the bottom line or measure success according to the same parameters as for-profit organizations. And when cash inflow exceeds expenditure (when they make a profit), it is re-committed into the organization’s treasury.
Non-profits and charitable organizations abound, and they support different causes, doing a lot of commendable work to support noble causes. They also enjoy a lot of public support in donations and volunteer assistance. Like many other sectors, NPOs can achieve much more and impact more lives by implementing blockchain technology into their systems. However, it is not enough to advise blockchain adoption. So many NPOs cannot readily meet all the conditions required to implement blockchain capabilities.
That is where Forward Protocol’s solution for blockchain adoption comes in. How does this new and straightforward method of blockchain adoption impact charitable causes and philanthropic efforts?
Accountability and transparency
Most charity organizations run on the honor system without much transparency and control over donations once they are remitted. Reports of mismanaged funds and misplaced priorities continue to plague NPOs, causing public confidence to plummet to all-time low levels. According to the 2019 report by give.org, only 19% of the respondents highly trusted charities. This lack of trust affects motivation to give and the overall impact of charities on the people that need them most.
Forward Protocol provides easy access to the blockchain, an innovation that allows auditors and donors to easily monitor expenditure and funds disbursement through a publicly accessible ledger. This level of transparency can inspire trust in NPOs and charities.
Forward Protocol’s smart contracts can also help donors monitor donations and measure the impact of the charities they donate to through the IVO and PoVD smart contracts respectively.
Reduces overhead costs
Like any other business, NPOs incur a lot of running expenses. However, every penny dedicated to redundant administrative costs is a penny that does not go into the cause. Forward Protocol’s smart contracts automate many of these processes, removing third parties, improving speed, and reducing running costs.
Non-profits can also connect with more blockchain ecosystems thanks to Forward Protocol’s EVM compatibility and future integrations.
Flexibility of donations
NPOs lose a lot of potential donations because of several factors that put off donors. They include exorbitant fees on international transfers, lack of anonymity, among many others. Even when some NPOs already have measures to collect crypto donations, some users may be driven away by the complex processes involved in sending crypto payments.
Forward Protocol provides a ready solution to this problem through Forward Pay. It allows donors to send payments from a Forward wallet that prioritizes usability even for crypto newbies. Forward Pay also includes a fiat ramp allowing donors to send fiat payments directly from their bank accounts to the crypto wallet of any cause they are passionate about.
Most importantly, Forward Protocol facilitates these transfers at unbeatable rates to encourage altruism.
Facilitating local causes
While international NPOs have the resources to open and maintain international accounts to receive donations from different parts of the world, local charities do not even come close. Local charities cannot afford to meet the requirements to implement blockchain capabilities. They rely on grants to support their cause, which may not rank as high as the competing requests that international NPOs receive.
Through Forward Protocol, local charities can easily implement blockchain technology capabilities and receive donations from the diaspora to solve local problems. Forward Protocol provides the extra layer of transparency to monitor these funds to prevent wastage and corruption in many local NPOs.
Not-for-profit businesses and charities remain an integral part of society, maintaining order and restoring hope to the most vulnerable members of society. However, they remain restrained by many factors that limit their ability to collect and distribute resources, hire and retain staff members, transparency, and reputation.
Forward Protocol allows them to leverage the best features of blockchain technology easily. It also facilitates this without any financial commitment or associated risk. Through Forward Protocol, NPOs finally have a solution to traditional problems as well as problems associated with blockchain adoption through a suite of adoption toolkits.
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About Forward Protocol — Forward Protocol uses an easy-to-use WordPress-like model to facilitate a no-code environment that users can use to deploy their blockchain applications without technical knowledge. Forward Protocol has elements of NFT, DeFi, Gamification, AI, ML and Social Tokens inbuilt that connect the value-driven economy. Applications and smart contracts from Forward Protocol can be deployed on any EVM compatible chains in one click. Forward Protocol is cross-chain compatible, industry-agnostic, and adoption-focused, with an ultimate goal to fast-track mass adoption of Blockchain Technology.