Blockchain’s Vantage Network Helps Track Online Charity Donationsbr>
Most people like to support one or more charities. But there’s always a question of whether the money being collected is actually going toward the cause, or is siphoned away by administrative functions, corruption or other programs run by the charity.
Vantage Network, founded by Jeff Hood, was created to be able to track all the funds donated from the moment they are given until the moment they are utilized. The donor will receive a tracking number once they have given to the respective cause, and they can log onto the Vantage Network website and track what is happening in real time with their dollars using blockchain technology. The company plans to launch its token sale on August 1.
Block Tribune had a few questions on the process for Jeff Hood.
BLOCK TRIBUNE: Walk me through how this works. You need to buy tokens in order to track?
JEFF HOOD: No you do not. One of the utility functions of our tokens isthat we have 40 million tokens “ locked” into our network and those tokens areused to track donations that are processed through the Vantage Network – Neitherthe Donor or the Fundraiser needs to use any type of crypto currency.
BLOCK TRIBUNE: How will you verify the tracking?
JEFF HOOD: All payments are processed through our Vantage Network, All funds are spent through our Mobile Pay app. All activity associated with each donation is tracked via our internal ledger and all purchases are verified through our mobile app. We actually track the donation from the “ point of donation “ to the “ point of sale” we can show the donor exactly when, where, and what their money was spent on down to the penny and even geographical location.All they have to do is take the “ Tracking Number” they are given when they make the donation and track it just like you track a package.
BLOCK TRIBUNE: How will you define “utilized appropriately?”
JEFF HOOD: We do not police non-profits or charities. We create transparency intohow the funds are spent and that creates accountability with the fundraisers because people will now see how their money is being used.
BLOCK TRIBUNE: Will there be a cost for charities to be verified by your system?
JEFF HOOD: No – We take a small percentage of every donation as a network fee. So in essence the donor is paying 2-5% of their donation to see with 100% accuracy where the money is spent. And the charity/non-profit is getting 100% use of those funds minus the fee toward the campaign they are raising them for.
BLOCK TRIBUNE: How pervasive is charity fraud?
JEFF HOOD: I think the better question is how pervasive is fraud in online fundraising. That is what we are really tackling here. Our first vertical is non profit and charity fundraising. But our solution will work for any fundraiser that takes online donations. How often do you log into Facebook or any social media platform after a natural disaster or tragedy and see hundreds of different fundraisers raising money to support them. Where does that money go? What if you could actually know? Just by seeing that the fundraiser was Vantage Verified. Consumers don’t have that option right now. But they will.