Binance Charity Foundation is giving the bottom billion a new way to get out of poverty in an equitable and transparent manner. This is the story of how blockchain technology benefits humanity
LONDON, UK / ACCESSWIRE / September 6, 2019 / The creation of Bitcoin in 2008 marked the beginning of a new era. Since Bitcoin’s dawn, people saw the potential of decentralized currencies and blockchain technology to change lives. More than 10 years later, Binance Charity Foundation (BCF), a philanthropic organization based on blockchain technology, was created to build a 100% transparent charity platform that aims to address the problems of the world’s bottom billion.
Since its inception, Binance Charity has received over 1,200 donations on the blockchain and passed them to over 80,000 end beneficiaries in Uganda. The donations not only provided the needed goods to beneficiaries but also educated local people about distributed ledger technology.
Crypto for Social Good, the Binance Way
Binance started as a cryptocurrency exchange but evolved into a blockchain ecosystem with several arms that serve the greater mission of blockchain advancement and the freedom of money.
In October 2018, Binance CEO Changpeng Zhao launched Binance Charity’s blockchain-based donation portal at the UNCTAD World Investment Forum, suggesting this could be one of the solutions that will enable humankind to attain the United Nations’ Sustainable Development Goals. UNIDO Goodwill Ambassador Helen Hai was appointed as the head of Binance Charity.
What’s innovative about Binance Charity is that all donations and allocations through the platform are in the form of cryptocurrency and are recorded on the blockchain system for everyone to see, ensuring 100% of all donations are distributed directly to the hands of those in need.
As of now, Binance Charity has initiated multiple charity projects which fall into six major categories: Empower Bududa, L-Istrina Campaign, Binance for Children, ALS “Voice your love”, Rebuild Notre Dame, and the Pink Care Token Project. Binance Charity is in the process of creating more projects in the near future.
Blockchain Charity Works
Among the six categories mentioned, the youth education-oriented Binance for Children Project and the period poverty campaign Pink Care Token Project are two long-term projects that are currently being implemented.
The Binance for Children Project has generated significant interest from the entire crypto space on the use of blockchain for charity. The year-long project supports lunch, stationery, school supplies, and solar panels to 100 schools in Uganda. Additionally, the project monitors children’s educational improvement, tracking changes in attendance, enrollment, learning performance, and nutrition status across the school beneficiaries of the program. Since the projects started, 439 students returned to school to continue studying. Special thanks to the Ministry of Primary Education of Uganda for their support and guidance.
For the Pink Care Token Project, 46 institutions, companies, and organizations joined Binance Charity to form the first social-good alliance between cryptocurrency and traditional industry. As of today, around 1,400 young girls have received sanitary pads via the project, which enables them to continue schooling and social activity during the menstrual period.
How Transparency in Donations Happen on the Blockchain
In the traditional charity industry, lack of transparency is often the problem. Although charitable organizations disclose their financial reports regularly, it is still hard for the public to track the money flow from donors to the end beneficiaries. Besides, scandals related to mismanaged funds arise from time to time, hammering the public’s faith in some charitable organizations. Binance Charity uses blockchain, which is decentralized, transparent, and immutable, to build a platform that allows the public to participate directly and monitor the flow of donations.
All donation records and allocation records are shown on Binance Charity’s website on each project’s page with a Transaction ID (Txid). By clicking on the Txid, the public can track each transaction flow on Binance Chain or other blockchain explorers, to see when the transaction was made and how much was transferred. All records on the blockchain are accurate and cannot be tampered with.
A few people raised questions about the transparency of this platform, saying the amount of money promised to be donated does not match the actual amount received shown on Binance Charity’s website. For institutions with larger donation amounts, the process has two phases: the Commitment Phase and the Donation Phase.
Full Disclosure: From Commitment to Actual Donation
During the initial Commitment Phase, institutional donors work with Binance Charity to confirm their commitments (in cryptocurrency or fiat) and sign a donation agreement. It is during this phase that the public may see donors announcing substantial commitments publicly via social media and in their communities. However, these funds often do not get transferred into the Binance Charity wallet during the Commitment Phase and will not show on the Binance Charity website immediately.
In the next Donation Phase, institutional donors can allocate all or a portion of their committed funds to their preferred crypto charity project(s). The moment crypto donations enters the Binance Charity system, it is displayed transparently and tracked on the blockchain.
“As we understand, charity is not only about giving money and things. It is about giving hope. Those children deserve a chance to learn more and know more so they can have a chance to have better lives in the future. Food, light bulbs or sanitary pads should not be the obstacle in the way,” said Jill Ni, the Director of Binance Charity Foundation.
By using blockchain technology, Binance Charity Foundation is redefining the charitable giving process. They are committed to transforming and addressing globally pressing issues at the grassroots level through blockchain technology.
Binance Charity is committed to improving the efficiency of crypto donations as well as to pushing crypto-philanthropy to the next level and raising the bar for charity and transparency in philanthropy worldwide. Helen Hai, the Head of Binance Charity Foundation, said. “As a complement to the best parts of human nature-creativity, empathy, stewardship-the blockchain revolution should lift humanity into a new collective and moral consciousness based on a shared sense of destiny.”
SOURCE: Binance Charity