Binance-initiated Blockchain Charity Foundation (BCF) launched its blockchain-based donation portal at the UNCTAD World Investment Forum this year. While the platform aims to bring transparency to a number of charitable organizations, the BCF platform will specifically advance the progress of the UN Sustainable Development Goals (SDGs).
If you look at the first few UN Sustainable Development Goals, such as poverty, hunger, health and even education, these are easily addressed or improved by the charity initiatives. Yet, what we’re trying to do is a level deeper. I believe that by improving transparency in the charity sector, we will be able address all 17 goals as a whole, at a more fundamental layer, said Binance CEO, Changpeng Zhao (CZ).”
”Donations through the BCF platform will ensure full transparency, accountability and direct reach to end recipients,” echoed Helen Hai, United Nations Industrial Development Organization Goodwill Ambassador for Industrialization in Africa and Head of Blockchain Charity Foundation.
Speaking at a United Nations Research Institute For Social Development (UNRISD) Seminar on Blockchain for Inclusive and Sustainable Development, Hai also said,
”BCF will leverage blockchain technology to help fill the UN Sustainable Development Goals funding gap and directly empower over one billion people living in poverty. We believe poverty is not a destiny.”
Transparency Is Key For Fighting Poverty
One of the key benefits provided by blockchain technology is transparency, which is also one of the greatest challenges faced by charities today.
“Donors don’t have the visibility as to where their funds are going, and most donations do not reach their intended beneficiaries. This lack of transparency causes a lack of trust, further reducing the willingness for people to donate to charity funds in general,” Zhao said.
During his keynote presentation at UNCTAD World Investment Forum, Zhao noted that transparency brought about by blockchain technology will help advance all of the UN Sustainable Development Goals.
“With improved transparency, we can be sure that all funds are used for the right purposes. Once people have confidence that we can do more good, there will be more donations coming in. With more donations coming in, we can accomplish even more,” said Zhao.
Zhao also described the impact blockchain technology had on fundraising and donation distribution during disaster relief in West Japan last month, and spoke on the architecture of BCF’s donation portal,
”Conceptually, it is easy to track the flow of funds through the layers and we can make this 100% transparent. At the same time, for anything Binance is involved with, we pledge that 100% of donations will go to the end beneficiaries, and all costs will be covered by Binance, the company and the foundation.”
The charity system will begin accepting donations immediately, with initial support for Binance Coin (BNB), Bitcoin (BTC) and Ether (ETH) cryptocurrencies. BCF will also open a donation channel to support victims of the floods and landslides in Eastern Uganda.
It Takes A Village
Echoing Binance, TRON Foundation pledged an initial amount of $3M to BCF to be put towards advancing blockchain efforts for charity.
”All of us here have made the decision to be leaders in shaping blockchain technology for social good. Binance Charity Foundation is taking substantial steps in that direction by increasing the transparency of donations so we can see where the goodwill of the donors is going and what impact it has,” said Justin Sun, CEO of Tron Foundation.
After speaking with individuals involved with the UN’s Sustainable Development Goals, it become clear to Sun that there was a lack of transparency, traceability, and efficiency within the organization. In turn, this has directly impacted the success of the organization’s charitable actions.
I believe that providing the right infrastructure to those entities dedicated to charity and Sustainable Development Goals will help engage more people, allowing the community to receive more funding, be more efficient during their campaigns and ultimately have a better overall impact. Blockchain is a powerful tool that everybody should have access to. Collaborating with Binance, one of the leaders in this industry, will enable us to make this technology accessible, while being backed with the best innovations, Sun told me.”
As an initial contribution, TRON is donating $3M to Binance Charity Foundation. Yet according to Sun, TRON will dedicate more resources and engineering power to build end-to-end solutions to support charitable actions.
Our Blockchain is co-governed by 27 Super Representatives, all elected by TRON token holders. As one of those elected Super Representatives, I will dedicate the resources I have gained from co-governing the network to causes that will benefit society. I hope my actions will inspire more people to tap into the great potential of blockchain technology to truly make a positive impact, Sun said.”
In addition to TRON, representatives from Bancor, UNICEF, IBM, Hyperledger, ConsenSys, the public sector and others gathered at the forum to discuss the implementation of blockchain toward the SDGs. The Blockchains for Sustainable Development forum attracted more than 700 attendees from around the world. Organized by the IFLAS initiative on Blockchains for Sustainable Development and supported by BCF, this marked the first blockchain session ever held at World Investment Forum.