South Korea’s second-largest mobile telecom company KT will establish a blockchain-based donation management software.
KT will provide the platform to its wholly owned donation foundation, called KT Group Hope Sharing Foundation.
The foundation will open the platform this year to start a drive to collect donations for Laotian children and adults to protect them from infectious diseases.
Next year, it will re-open the blockchain platform-based “Give Square” whereby donors and donees can meet directly KT said it is a people-to-people platform. Without any intermediary, people can donate funds to the people in need. The donors can know when, where and how beneficiaries use their donations.
KT and many South Korean credit card companies encourage subscribers and clients to use “points” they earned for donation. So far, donors have difficulty in knowing whether their donation has been used as they intended. However, under the blockchain-based platform, donors can understand who use their contributions. No intermediary is necessary. This no-intermediary and decentralized nature is the core feature of the blockchain.
Through the platform, anyone in need can post his or her story why he or she needs donation and reach out to the donors directly.
Like KT, many companies are expected to develop blockchain-based donation management software to upgrade transparency, fairness, and decentralization.
