KEY POINTS
- Some suggested use cases of blockchain in the church are records management and donation drives
- Pastor Blake Bush said God told him to "tokenize the building," leading to the creation of Stone Coin
- Some users believe the development is a "genius" idea for religious fund-raising
- One user noted that the project is all for "advancing" God's kingdom, not people's bank accounts
Bitcoin and spirituality is quite common in the cryptocurrency community. The topic has opened conversations on the moral aspects of the world's largest digital asset by market value. But out in the greater blockchain realm, what happens when faith collides with tokenization?
Blockchain use cases in the church
Over the last few years, there have been use case recommendations for blockchain in the church setting as more people in the faith explore the vast world of blockchain and crypto.
Among the suggested use cases of blockchain in the religious sector is the preservation of church records. Such a scenario is expected to improve the transparency and reliability of church activities, further "strengthening the trust" of churchgoers.
In the Philippines, the Ophir project, launched last year, allows for donating to churches across the country through sending in various cryptocurrencies. The project was established by a former worship pastor in London before he transitioned into founding a blockchain firm.
Colorado pastor heeds God's calling?
Fast forward to mid-2024 and a group of affiliated churches called the "Colorado House of Prayer" has tokenized its main chapel as it works toward purchasing the $2.5 million building.
Pastor Blake Bush, the project's leader, told Forbes he "heard the Lord say, 'tokenize the building,'" adding that the project was something he had prayed for in span of years.
The Colorado House of Prayer then created Stone Coin, which is used to raise money for the purchase of the multi-million-dollar chapel called Old Stone Church. As with other tokenization projects, results rely on positive token flows and reactive value.
Stone Coin is tied to a real estate token by Retokens and is running on private blockchain Polymesh. So far, the project has reportedly already raised about half of its goal and is seeking more investors to support its cause.
The Old Stone Church could possibly be the world's first tokenized chapel.
Genius or wild?
Cryptocurrency users on X are reacting to the news, with some saying the project could actually be a great way to raise funds for churches.
"This is genius for raising funds for real," one user said, as per a Google translation. The said user noted that many churches have seen donations decline in recent years, and tokenization just could be the way to resolve the issue.
Love seeing faith and tech collide, lol
— ALT life (@ALT_Life_) August 18, 2024
Colorado House of Prayer is all in on blockchain for community vibes
"Love seeing faith and tech collide, lol," another user said. Another user reminded possible donors that while the project is indeed amusing, "these tokens aren't going to pump your portfolio" since Pastor Bush is supposedly "all about 'advancing the kingdom,' not your bank account."
The project has yet to reach many people, and it could well be just another crypto project that may or may not get as much support. On the other hand, it could trigger a ripple effect to bring forth a new trend in tokenization realm where churches and believers see the blockchain as a positive contributor in their journey of faith.
