The Blockchain Charity Foundation (BCF) has launched a new charity system that uses blockchain technology to track donations.
BCF, established by crypto exchange Binance and the the Maltese President’s Trust, is a not-for-profit organization dedicated to the advancement of blockchain-enabled philanthropy towards achieving global sustainable development. It aims to build a future where blockchain can be used to end all forms of poverty and inequality, advance sustainable development and ensure that no one is left behind.
The new donation portal, announced by Binance CEO Changpeng Zhao at the World Investment Forum (WIF) 2018, will allow people to track their donations and see who it benefits. It will begin accepting donations immediately, with initial support for three cryptocurrencies, bitcoin, ethereum, and Binance’s native token BNB.
During a keynote presentation, Zhao said that transparency will help improve all 17 of their Sustainable Development Goals. Zhao also 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,” Zhao said. “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.”
In July of this year, Binance donated $1 million and ran a campaign to raise more funds to help alleviate the plight of flood victims in West Japan. The campaign managed to raise around $410,000 in various types of ERC20 tokens, making the total donation valued at $1,410,000. As of October 15, Binance completed donation distributions among local intermediaries to the value of 63.03 bitcoins and 169.85 ethereum, which at the time of their distribution were worth 56,700,000 yen ($505,545).
BCF also announced that the foundation will open a donation channel to support victims of the floods and landslides in Eastern Uganda.
“Donations through the BCF platform will ensure full transparency, accountability and direct reach to end recipients,” said Helen Hai, UNIDO Goodwill Ambassador for Industrialization in Africa and Head of Blockchain Charity Foundation.
During an evening reception at WIF hosted by BCF, blockchain firm Tron pledged an initial amount of US$3 million to BCF to be used towards advancing blockchain efforts for charity.
“All of us here have made the decision to be leaders in shaping blockchain technology for social good,” said Justin Sun, CEO of Tron. “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.”
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