Blockchain Y
What is blockchain?
Blockchain is an online ledger which records transactions between members of a network and is maintained by different computers working together.
The transparency offered by blockchain means all transaction can be viewed by the public at any time.
This record remains secure as all computers maintaining the network ensure changes can not be made by any one party.
Click here to read a more detailed definition of blockchain.
How does Y use blockchain?
The Y blockchain platform allows users to
• See exactly how each and every £ has been spent.
• Read Blog Y and be directly connected to lives they have helped to impact.
How does it work ?
Y sets up a wallet/account for the charity organisation and deposits funds in the form of YNT (with 1 YNT representing £1) on the blockchain.
The charity sends Y a request for items it would like to purchase and then pays Y for them in YNT.
The blockchain allows the public to view all activity on the charity account and see exactly how these funds have been spent.
References are assigned to each payment on the blockchain which correspond to entries made on Blog Y. This allows users to view pictures of what was purchased and who it was purchased for.
The aim of this is to bridge the gap between the source of funds and the end beneficiary while empowering consumers with a visceral link to the change they have helped to make.
Point of Trust
Throughout the process Y acts as a point of trust overlooking the expenditure of funds and holding receipts of each purchase for future audits.
This eliminates any risk of funds being misused by 3rd parties.
Future developments
Future updates of our blockchain platform will:
- allow consumers to view the entire supply chain of our products.
- connect consumers to the individuals manufacturing the garments they purchase.
- deliver a platform to aid the recycling of used textiles and connect donors to the end use of their garments.
Beyond the fashion industry we plan to:
- become a point of trust within the fund raising industry.
- allow companies to be more transparent with their funders and investors.
- give the public a platform to demand greater accountability on how money is used by the organisations they fund e.g. local councils and governing bodies.
Consumes are entitled to this level of transparency and we aim to play a pivotal role in rebuilding trust within the fund raising and distribution sector.