The President’s Trust has signed an agreement with the Blockchain Charity Foundation to enhance transparency, accountability and reduce transaction costs in the organisation.
President Marie Louise Coleiro Preca said blockchain technology can be used for social good. For instance, companies like Stasis are collecting funds to support the Malta Community Chest Fund in developing a Serenity Garden for oncology patients.
The President’s Trust will now be incorporating blockchain technology in the execution of its work, President Coleiro Preca, who also chairs the Blockchain Charity Foundation, said.
"The relationship, which has been created between the President’s Trust and the Blockchain Charity Foundation, is truly ground-breaking," she added.
New technology was increasing a spirit of trust and solidarity, since blockchain was changing the ways in which businesses and other entities gather, access and share information, she said.
President Coleiro Preca concluded by saying blockchain technology can be a catalyst to transform the way in which charitable organisations are created and regulated in the future. She added that such a transformation will ensure that the funds, resources and goodwill of our countries, private sector, and civil society will have the most impact for most people.
"This is what real justice and effective social solidarity is all about", the President said.
Last July, the President's Trust signed an MOU with cryptocurrency exchange Binance to explore ways in which blockchain technology could be used in NGO settings.