Non-profitable organizations help communities so it indirectly help the economy of a country and we know a non-profitable organization hasn't need to pay tax to the Govt which is okay but the main problem with a non-profitable organization is that it is optional to share the financial record with Govt or public so it turns out to be an opportunity for fraudsters. All blockchain projects on the market are only discussing how to stop fraud in data piracy, real estate, finance, profitable organizations, etc no one focusing on the non-profitable organization but we should keep in mind non-profitable organizations are paying an important role in the world. Non-profitable organizations care about our health, environment, animals, etc so we need to help them by introducing Algorand blockchain with non-profitable organizations so can it will be easy to stop fraud in them.
Reference article-1, Reference Doc-2
How Algorand can play an important role?
There are so many components of Algorand blockchain that can used to reconstruct a fraud-free non-profitable organization so, in this article, we will discuss which component of Algorand can solve which problem of a non-profitable organization?
Build Your Non-profitable Organization Algorand's Co-Chains
In general Algorand is a permission-less blockchain but you can create a co-chain on the Algorand blockchain which can act as a permissioned blockchain but you can enjoy all the features of Algorand blockchain.
So you can create a co-chain in the name of your non-profitable organization, then you can hide or control your data and transaction, and the important thing that you can choose your own validators to verify transactions.
You can able to Interoperates with other non-profitable organizations if they are also an Algorand blockchain's co-chain through Algorand's major chain.
With the same security and scalability, you can able to take advantage of all tools available in the Algorand blockchain like you can create your own asset, you can run smart contracts and atomic transfer on Algorand blockchain's layer 1.
After you run your non-profitable organization on the Algorand's co-chain then the data you store or process using the blockchain can't be temper by anyone so nobody can able to tamper your data so you get the best accountability.
Many cheater employees of a non-profitable organization always create some fake bills or excessive bills to cheat money so to solve this problem, you can use smart contract payment on the Algorand blockchain.
If a non-profitable organization's employee tries to do multiple fake transactions, transactions with doubtful parties, or unrecognized vendors then it will automatically be detected by the Algorand's pure Proof of Stake consensus so that transaction gets autoblock.
A non-profitable organization holds so many documents like evidence-backed documents, signature documents, identification documents, etc. Using Algorand blockchain, a non-profitable organization can digitally convert all these documents which can't steal or miss.
Some other benefits because of Algorand blockchain
When a disaster occurs in a continent huge people from other continent steps out to help by donating money to NGOs and NGOs are nothing but a non-profitable organization but some people can't able to donate because of many complexities of money transfer between two borders. So using Algorand Standard Assets tool of Algorand which also works with co-chain you can able to create your own asset or token on the Algorand blockchain's layer 1 or using ALGO token of Algorand blockchain anyone can do borderless transactions so now anybody from any continent can able to raise their helping hand towards any kind of disaster to fight with a non-profitable organization.Conclusion:
This conclusion part purely based on my opinion, and according to me the co-chain of the Algorand blockchain can play an important role to run a non-profitable organization because co-chain remains independent of the main chain so a non-profit organization remains private and safe but it can fight with the internal fraud so the money that saved from the fraud can help other people or community and as we know Algorand blockchain running fees are very low so the non-profitable organization going to save huge transaction fees.For more information must visit to below links:-
Website-1, Website-2, Join Algorand community, Twitter, LinkedIn, Telegram, Facebook, Medium, Youtube, Community, Reddit,
Risk warning!!: All the information above are not financial advice and neither legal nor illegal advice all are my opinion and this article is of your knowledge Before. investment do your own research because nobody will responsible for your profit or loss
About the Author:-
Name: Jitendra naik
Email: [email protected]
Great info, it seems that Algorand is really doing a good thing within the blockchain space!