Malaysia-based IBF Net has said it is committed to bringing blockchain technology to Islamic charities.
According to a press release on her blog, blockchain technology will increase trust in existing donors. It will also encourage new donors to pay zakat, a payment made in accordance with Islamic law, for charitable giving, charity or charity. The product, called RecurPay, will run on the Tezos platform and will provide small, recurring and automated payments.
IBF Net said that blockchain technology will create a framework that allows donors to ensure that their payments, be it zakat, charity or monetary donations, reach the recipients. If they have donations to a large project that is carried out step by step, the donor can see the effect of their contribution at certain stages.
According to IBF Net CEO Muhammad Alim, the implementation of the blockchain technology will bring many benefits to Islamic charities, such as increasing transparency, lowering the cost of dissemination and strengthening the donor base, such as cryptocurrency donors.
The company made it clear that the implementation of the blockchain will not be limited to charity. Later, RecurPay can be implemented in e-commerce.
The crypto world has been studying charity for a while now. As the COVID-19 pandemic continues, crypto companies have begun offering or setting up charities to raise money for frontline workers. Charity Give.org also launched a privacy-focused blockchain platform to facilitate donations.