“But where is the money going?"

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“But where the money is going?” if you have been to any blockchain for good themed panel, this is will be a popular food for thought question as speakers slam charities for their expert emotional tactics to raise funds, only to fill it back into their pockets and restart this cycle of “giving”. And quite right to tackle this problem, there needs to be more transparency in how funds are spent, and accountability, and blockchain offers the means to make this happen.

 

But let’s shine this light back onto us, the crypto community. This year we have invested $6.3 Billion USD*  into blockchain startups through ICOs. Where has all that money gone? How many of these projects, other than generate personal wealth, personal trading profit, really affect a positive change to society? Not as many as there should be, and why not? 

 

From my experience, running the Blockchain For Good think-tank launched in 2015, and advising charities and NGOs, social impact projects depend on pro-bono services from lawyers, developers to marketing services to execute. The downside to pro-bono work is that there as these are unpaid projects: they are not on high priority, delay occurs, burn-rate is high, fundraising for a cause, becomes fundraising to keep the charity operating, the projects tank. Building a business on pro-bono is less efficient than running a well-funded agile startup. Especially when these ideas require to change the world and do the seemingly impossible: a shoestring budget isn’t going to get them very far.

 

When speaking at conferences, giving talks or moderating Blockchain For Good panels, although most conferences do now have a For Good panel [applause] they’re often placed at the quieter end of the schedule, and aren’t the most popular attended topics.

 

But perhaps there is less interest and attention on social impact projects from the crypto community, because it is a long-term investment with less fast, direct returns on your investment which was one of the benefits of trading in crypto, and why even institutional investors are getting into the game.   

 

There are blockchain and non-blockchain startups out there that do put people and planet first and can still be profitable. But we need to give them airtime and spread the word. And to do this, we need a shift in the way we think. We need to create a movement.

 

We’ve opened our minds up to decentralisation, blockchain, and crypto-trading. But we need to collectively shift our minds, the crypto-community, to a new approach to investment. To re-invest our wins into projects that affect a positive change in society, which put people and planet first. These are highly valuable investments, with high returns, they have tangible value, that we can benefit from when we peel ourselves away from our screens. It’s a legacy we, the crypto-community can give back, to the generations after us.

 

In the future, when we’ll ask “where did that $6.3 Billion USD go?” we could say, we cleaned-up our oceans, we made our homes energy efficient, we shared our medical data so we could provide better medical records to help cure diseases, we re-invested in social impact projects, in planting trees, in cleaning air, we helped the unbanked to provide for themselves, we let farms co-operate against conglomerates, we tracked the provenance of our food to ensure sustainability was a real thing, and became more savvy consumers. We fixed our democracy and rigged voting. And many more great blockchain for good projects that are yet to be created. We invested our wins back into us. Crypto was a movement, that changed the world for good.

*Source: https://www.coindesk.com/6-3-billion-2018-ico-funding-already-outpaced-2017/ 


 

Our next Blockchain For Good roundtable is in Laguna Beach, California on Saturday June 23rd.

Blockchain For Good SoCal roundtable will connect blockchain startups, foundations, philanthropists, technologists, creatives, crypto traders and crypto social media influencers, to discuss blockchain for good and blockchain for ... bad.

Following the discussion, more than 100 people from the local and global blockchain community will attend the “Blockchain SoCal Club” a networking drinks and dinner event held at an elegant Italian Villa, sitting on three acres high above the Pacific Ocean in Laguna Beach.  

Places are limited - if you would like to attend please contact us here and tell us about you / your organisation: 

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Cecile Baird