Binance-backed Blockchain Charity Foundation (BCF) recently launched its blockchain donation portal for bringing transparency in charity operations at the UNCTAD World Investment Forum in 2018. Apart from adding transparency as its important feature to the working of charitable organizations, the platform of BCF will also particularly ensure the progress of the UN Sustainable Development Goals (SDGs).
The UN Sustainable Development Goals include hunger, poverty, health and also education. If the charity organizations take it upon themselves they can easily address these goals. However, the BCF intends to go further and deeper and improve transparency in the charity sector so that they can address all the 17 goals at a fundamental layer, said the CEO of Binance Changpeng Zhao (CZ).
The Goodwill Ambassador for Industrialization in Africa and Head of Blockchain Charity Foundation at the United Nation Industrial Development Organization, Helen Hai said, ”Donations through the BCF platform will ensure full transparency, accountability and direct reach to end recipients. 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.”
Hai was talking about the blockchain donation portal at the Seminar of United States Research Institute for Social Development (UNRISD) on Blockchain for Inclusive and Sustainable Development, Forbes reported. According to Zhao transparency is one of the key benefits of blockchain technology and is also the greatest challenge faced by charitable institutions today.
Zhao stated that donors do not know where their funds are going and many times the donations do not reach the intended beneficiaries. This can lead to lack of trust thereby reducing the interest of people in donating for the charity funds.
Zhao believes that transparency that can be achieved through the blockchain donation portal and will encourage the donors to continue giving donations to the charitable trusts as they will be able to track where their funds are going.BCF, a non-profit organization is dedicated to the advancement of blockchain-enabled development for the only purpose of achieving sustainable development at the global level, Blockchain Magazine reported.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]