Have you ever donated or considered giving to a charitable cause and wondered how the money would be spent? Did the funds achieve your intended goal?
I’ve asked those questions many times in the context of accountability and a worrying decline in public willingness to give to worthy causes.
At On-Demand Education Marketplace, we understand the importance of providing peace of mind to people who give generously in the field of education.
It’s one of the reasons why we’ve focused on providing a system of accountability in educational philanthropy within the ODEM Platform.
The Sponsorship program is a scholarship management tool that uses blockchain technology, digital currencies, and smart-contracts to enable philanthropists to fund education without worrying about whether the money will be used appropriately.
The Sponsorship program is critical to our mission at ODEM to make education more accessible, affordable and verifiable.
On the ODEM Platform, blockchain technology, the software that underlays digital currencies, provides the tools to track spending and determine whether funding goals are being achieved. Smart contracts that execute themselves allow the donor to see the exact ODEM Tokens they’ve purchased for donation used for specific purposes.
The system allows for the programming and automatic payment of incentives to funding recipients who meet or exceed predetermined performance targets. Conversely, the system can be programmed to withdraw funding if performance doesn’t meet expectations.
What’s also exciting is that the Sponsorship system creates unrivaled accountability without ratcheting up administrative costs. That means more resources are available for students, teachers or institutions that need them the most.
Greater accountability will take us all a step closer to improving education on a global scale. It allows for more efficient spending of funds, meaning we can impact more people’s lives positively without increasing the cost-per-person.
Stay tuned for more technical updates.