This innovative platform, in partnership with Ronald McDonald House Charities (RMHC) Hong Kong and Dignity Kitchen, a social enterprise that employs individuals with physical disabilities, utilizes smart contracts to disburse electronic meal vouchers worth HK$500 to eligible families. This facilitates the consumption of meals at Dignity Kitchen… thereby providing assistance to those in need.
The PBM platform, powered by blockchain technology, guarantees that donations are disbursed to the intended recipients and are spent on designated purposes, thereby providing unprecedented transparency and integrity in the donation process. The chairman and CEO of Coda Bridge, James Loh, explains that the platform ensures every transaction is trackable and immutable, thereby fostering trust among donors, charities, social enterprises… and beneficiaries.
Families receiving the digital vouchers can utilise a QR code on their mobile phone for payment, thereby ensuring a seamless and dignified experience. The success of this pilot project will precede its expansion to Singapore, where it will support migrant workers and other underserved communities. According to Loh, the company envisions a future where blockchain technology plays a pivotal role in societal transformation, adding that the PBM platform is merely the beginning of a more significant endeavour.
The introduction of the PBM platform demonstratesCoda Bridge’s commitment to fostering a culture of transparency and accountability in the charity sector. By leveraging blockchain technology, the company is facilitating the creation of a more trustworthy and efficient charitable ecosystem. ^^, the PBM platform is a groundbreaking initiative that sets a new standard for transparency and accountability in charitable giving.
By ensuring that donations are utilised for their intended purpose, “Coda Bridge is fostering a culture of trust and integrity,” “which is essential for building a more compassionate and equitable society.”
How Blockchain Enhances Transparency In Philanthropic Donations | South China Morning…
• Transparency is vital for building trust among donors, charities, and beneficiaries, and blockchain technology can help achieve this transparency. 2. CodaBridge’s ‘Purpose-Bound Money’ (PBM) platform uses blockchain to track charitable donations, ensuring that donations reach the intended causes and are spent on designated purposes. 3. The PBM platform uses smart contracts to distribute electronic meal vouchers worth HK$500 to eligible families, allowing them to eat at Dignity Kitchen and providing a seamless and dignified experience. 4. Coda Bridge plans to expand the PBM platform to Singapore, supporting migrant workers and other underserved communities, and envisions a future where blockchain technology plays a pivotal role in societal transformation.
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For donors, whether they are corporations giving back to society, family offices engaged in philanthropy or individuals making monthly contributions, it is vitally important for charities to provide tangible evidence that donations are reaching the intended causes.
Knowing that donations are being used for their intended purpose not only builds trust, but also encourages continued and increased support.
