Binance is continuing its philanthropic ways by launching its blockchain donation portal, which will offer a secure and transparent way for donors to contribute to charitable causes.
Donating money to worthy causes is a noble effort. However, we live in a society where not everyone is honest and open. While you may have high hopes that your donation will reach its intended recipient, this might not always be the case. With the transparency of blockchain technology, this is no longer an issue.
Binance sees the benefits of blockchain and wants its company to leverage it for good. Earlier this month, the cryptocurrency exchange announced that 100% of its listing fees would be going to charity. It also created the Blockchain Charity Fund (BCF), which has partnered with the UN to combat global poverty.
Binance Focuses on Giving More
Now, according to a Medium post, the BCF has launched a blockchain donation portal. The announcement was made at the Blockchains for Sustainable Development event, which was held at the United Nations Office in Geneva. Binance revealed that because they will pay the operational fees, 100% of each donation will be able to go the beneficiaries.
The blockchain donation portal will make use of a three- to four-layer tracking system which will consist of “donors, charity programs, charity partners (optional), and ultimate beneficiaries”. Because it is all blockchain-based, stakeholders will be able to track donations in a transparent and accurate way.
The exchange’s CEO, Changpeng Zhao, also announced that Binance had managed to raise $410,000 in just seven days for West Japan’s flooding victims.
The UN has 17 Sustainable Development Goals (SDGs), the aim of which is to create a better future for all, which includes reducing global poverty. Helen Hai, who is the Head of the BCF, discussed how blockchain can help achieve these goals:
How Blockchain Can Make a Global Difference
Hai, who is also a UNIDO Goodwill Ambassador for Industrialization in Africa, explained how Binance can harness the benefits of this technology to really make a difference in charity initiatives:
“Blockchain is one of the tools in tech that we can use for achieving social good. Moreover, there is no good tech or wrong tech. At the stage of technology is looking for applications, leadership and entrepreneurship matters, we need industry leaders who have the entrepreneurship spirit to drive the right path to use the tech for good cause. I am glad Binance is one of the first ones in [using] blockchain [for charity].”
The Blockchains for Sustainable Development session had a range of attendees such as government personnel and representatives from the crypto industry including those from Bancor, IBM, Hyperledger and ConsenSys.