As new use cases of the blockchain technology are emerging each day, it is becoming increasingly clear that distributed ledgers could help in creating a better future for all. The United National Development Programme (UNDP) also seems convinced that DLT infrastructures could bring good to the world. The premier global organization will partner with the Binance initiated Blockchain Charity Foundation (BCF) to find new uses of blockchain technology for social good.
What Does the New Partnership Entail?
The Blockchain Charity Foundation has contributed $1 million to UNDP. It was announced during a side session of the 73rd UN General Assembly, co-hosted by BCF, Finance Center for South-South Cooperation (FCSSC) and the Women Political Leaders Global Forum (WPL).
Helen Hai, the head of BCF said that blockchain could help to bring transformative solutions to social problems and bridge the funding gaps of UN Sustainable Development Goals by using innovative methods. Hai also said that the organization could work on poverty eradication- helping bring prosperity to millions of poor and marginalized people and empowering them. The partnership will focus on “social impact financing” and help to create new philanthropic uses for blockchain.
Haoliang Xu, Assistant Secretary General of the United Nations and Director of the Regional Bureau for Asia and Pacific at the UNDP said that blockchain technology could have a huge impact on the world and change it in numerous ways. Xu also commented on the strong commitment from BCF to help UNDP use blockchains to meet development challenges in Asia and the Pacific.
How Will the Partnership Move Ahead?
BCF, a not-for-profit organization is working to realize the UN 2030 Agenda and meet the Sustainable Development Goals (SDGs) by using blockchain technology. The initiative was established by one of the largest digital currency exchanges – Binance and is supported by Tron.
With UNDP’s support, the BCF will further pursue opportunities in blockchain that can be used to provide “innovative solutions to development challenges, especially in the Asia-Pacific region, where UNDP has already begun exploring blockchain initiatives.” It is already working in the Indian state of Haryana to build a DLT based land registry system.
BCF recently unveiled its decentralized charity platform during the “Blockchain for Social Good: Utilizing Blockchain to Aid Economic Development” symposium that helps in tracking donations and ensures they reach the beneficiaries.
