The idea of how blockchain technology works is relatively simple. At its core, the blockchain is nothing more than a ledger of transactional data. However, that data is not just any transactional data you will find in a centralized server. This is transactional data that is owned and controlled by those that use the system.
The entire ledger operates in a decentralized network of computers around the world and is controlled by the community of users on the network instead of a centralized entity. In place of a centralized database to control and manage the flow of information in the network, a consensus protocol is used among the connected computers to ensure data integrity on the ledger.
Once information is published on the ledger its becomes immutable, adding to the transparency that enables anonymous users to interact and exchange valuable information without needing to trust or know each other’s identity.
Blockchain as a Solution In Charity and Fundraising
In the world of charitable contributions, blockchain technology can be useful in introducing transparency and accountability for every charitable contribution. What’s more, through decentralized finance, the blockchain can also be used to add more incentives to those who participate in a charity where donors receive APY rewards for staking platform native tokens.
This is precisely what Giving To Services is all about. Powered by an audited Ethereum based token and currency called SVS, Giving To Services has established the future of charity contributions with a unique solution that introduces transparency and accountability between donors and charitable organizations.
At the moment, Giving To Services is focused on a one-of-a-kind program that will help NHS workers receive better compensation for their work, especially in this time of a global Covid-19 pandemic.
What is Giving To Services?
Giving To Services is a blockchain enabled platform designed to help donors make direct contributions to charitable organizations or causes. The platform is powered by the SVS token. This is an Ethereum based token that enables token holders to conduct transparent financial transactions with each other as well as with charitable organizations.
Public servants such as those of the NHS stand to benefit the most as Giving To Services provides an alternative, transparent method for them to receive financial support. With a flexible, decentralized financial system, Giving To Services is a perfect fit for the outdated traditional pension scheme where governments usually lock a user’s funds until they attain a certain age. With Giving To Services, the pension scheme can be more flexible, giving users better control of their funds.
The entire premise of the Giving To Services project is based on three simple principles:
1) All the transactional information is open and available to all users in the network. This brings about total transparency as each transaction can easily be tracked through the blockchain
2) Donors get more incentives for participation thanks to a token staking program where they receive APY rewards and interest for staking in various staking baskets.
3) Charitable organizations enjoy a flexible method for receiving funds through the collective rewards that users can volunteer to give to various charitable organizations and communities.
A Neglected NHS Staff
At its core, Giving To Services is aimed at recognizing and rewarding public sector workers. Over the past two years, no other public sector has been strained as much as the health sector.
Throughout the pandemic, doctors and nurses as well as other workers in healthcare have become the most critical service providers in their role of helping ill patients recover from Covid-19. This has not only put a strain on the labor force but also on the economy at large.
However, in England, reports have emerged that the government has proposed to offer the NHS staff a paltry 1% pay rise. This has angered many NHS workers with some such as Carmel O’Boyle saying that they are disgusted by the proposal.
While speaking with the BBC, O’Boyle further added that nurses ” just want something that reflects the work they do.”
“We want a fair wage and I don’t think the government understands at all what the nursing workforce does,” O’Boyle said.
In response, Dr. Chaand Nagpaul, who is the chair of the council at the British Medical Association, admonished the government saying that the government has a ” moral duty and obligation to a workforce that is keeping the NHS on its feet and patients alive.”
Other reports have shown that after adjusting for inflation NHS staff in England have suffered real-terms fails in their pay of up to £2,949 in the last decade. With the devastating state of the global economy on account of the pandemic, not to mention government printing of money, some separate analyses have shown NHS workers’ pay has fallen by upwards of £9,000.
Giving To Services Solution
For this reason, Giving To Services will focus on helping NHS workers with a reward program that provides direct donations to NHS workers as well as long-serving public servants from various public sectors and organizations.
The SVS tokens will be used for staking in return for earned interest and rewards. Once rewards are accumulated and collected, community service members or NHS workers will receive 4% of the accumulated profits from the platform as a form of charitable donation.
In addition, NHS workers will benefit just by having an account if they stake their SVS tokens. Each NHS worker who provides proof of membership with NHS will be eligible for an additional 4% reward on top of the regular interest earnings.
So far, 500 million SVS tokens have been staked on the Giving To Services platform, with the latest charity goals set at £51,987.
All this is done to solve a lack of transparency and accountability, which are often the main barriers to the success of charitable organizations. Thanks to a decentralized finance model, Giving To Services enables reduces expenses in the way of disbursing funds to charitable causes as the entire process is automated on the blockchain.
Also, considering the UK’s tax policy, donors can reduce their tax obligation through the project as the contributions are made with cryptocurrencies where the charity gains the full donated value and the donor does not incur capital gain taxes.
Despite the efforts of Giving To Services, it is hard to ignore that there are still challenges ahead. However, with government backing, a decentralized financial system, and a critical mass of social contributors, the UK may just have a chance at solving its charity woes not to mention its pay issue with NHS workers.
Giving To Service’s use case can be applied globally as well as for other public services such as the police and fire department. It is possible that Giving To Services will inspire mainstream audiences around the world to donate like never before, yet this is just the start of what the project is set to achieve in the way of charity.