Binance’s Blockchain Charity Fund Teams up with UN to Fight Poverty and Social Issues

The Binance-created platform, the Blockchain Charity Fund (BCF), has partnered with the United Nations Development Programme to combat poverty and other pressing issues.

While technology continues to evolve, we are given access to so much of the world. The Internet and smartphones allow us to explore different countries and cultures at just the touch of a button or the swipe of a screen.

Even with all of these advances, there are still billions of people who are living in poverty. Disruptive technology seems poised to change this, something that world leaders are well aware of.

Blockchain Used to Fight Poverty

According to AP News, the United Nations Development Programme (UNDP) and the Blockchain Charity Foundation (BCF) are collaborating to use the technology to help combat a range of social problems. Helen Hai, who is the head of the BCF, said:

We firmly believe that blockchain technology will bring transformative solutions to social problems, and help bridge the UN Sustainable Development Goals funding gap in fast and innovative ways. Working with UNDP, our aim is to eradicate poverty and empower and bring prosperity to millions who are marginalized and living in poverty. We are honored to host this meeting today, and partner with UNDP to provide social impact financing and improve philanthropy with blockchain.

The BCF has contributed $1 million to the UNDP to help fund this endeavor.

Haoliang Xu, who is the Assistant Secretary General of the UN and the Director of the Regional Bureau for Asia and Pacific at the UNDP, said:

We believe that blockchain is a technology that can have a huge impact in the developing world in numerous ways. We are excited to see the strong commitment from BCF to work with UNDP to explore how blockchain technology can help develop solutions to some of the most difficult development challenges in Asia and the Pacific. Changing the Global Economy

The BCF, which was started by Binance, will use blockchain technology to realize the UN 2030 Agenda and Sustainable Development Goals (SDGs). The charity has already created a blockchain-based land registry in the Indian state of Haryana, which shows how the technology can make a positive impact in the real world.

Another platform working towards the UN’s SDGs is the Finance Centre for South-South Cooperation (FCSSC). Its Executive President, Zhang Zhi-Ping, has been added to the BCF’s Senior Advisory Board. He expressed his excitement at working with the technology:

FCSSC has paid close attention to blockchain technology. We look forward to seeing this technological revolution facilitate international cooperation and contribute to economic and social development.

The BCF co-hosted the side event, held during the 73 rd UN General Assembly, which debated how the technology can be instrumental in economic change.

Do you think that blockchain technology can be used to effectively combat poverty? Let us know in the comments below!

Images courtesy of Pixabay and Shutterstock.