BCF: Blockchain for Social Good
As part of our Binance Ecosystem series, this post will focus on our Blockchain Charity Foundation and what it does to serve those who need help the most.
Earlier this week, our CEO and co-founder CZ announced that Binance will donate all listing fees to charity. Some of you have asked which charity we will be donating to, and what will be done with these donations. We will explain further here.
Enter Blockchain Charity Foundation (BCF). As Binance’s charity wing, BCF is dedicated to making global sustainable development more efficient and impactful with the use of blockchain. We believe that the use of blockchain technology on the charity ecosystem will result in a more efficient and transparent system of distributing donations to those who need it the most.
The origins of BCF
CZ’s vision regarding the use of blockchain for charity predates Binance. Like others, CZ had seen that there was a distinct lack of transparency in the charity space, and donations often did not reach their intended beneficiaries. He saw the growing demand for a more decentralized, more transparent system for charitable giving.
We’re taking this opportunity to turn CZ’s vision into reality: Binance is building a fully transparent donation platform that enables traceable ad flexible multi-currency donations recorded on the blockchain.
Laying the foundations for a blockchain-powered charity sector
Since the formation of BCF this year, we have made great strides in partnering with people and institutions that are in a great position to turn blockchain-powered charity into a reality.
In July of 2018, we brought Helen Hai, a respected Goodwill Ambassador of the United Nations Industrial Development Organization and a Young Global Leader (YGL) of World Economic Forum, on board to lead BCF. Having extensive expertise and experience the field of social change, Helen understood the impact and potential blockchain technology would have when applied to areas such as the UN Sustainable Development Goals (SDGs).
Since then, the charity foundation has hit the ground running, striking partnerships with governmental and global institutions. Soon after the President of Malta, Marie-Louise Coleiro Preca, joined as Chair of BCF’s senior advisory board in July, The President’s Trust announced a partnership with BCF to use blockchain technology to improve the socio-economic conditions experienced by individuals living in precarity or vulnerability today.
In September, BCF initiated the “Blockchain for Social Good” session at the 73rd United Nations General Assembly, which is the first and only blockchain related discussion at the UNGA-the largest gathering which assembles all the UN nation members. During that event, BCF donated US$1 million to the United Nations Development Programme (UNDP), toward exploring how blockchain can be used to achieve the UN 2030 Agenda and its 17 SDGs.
BCF will also support a “Blockchains for Sustainable Development” session at the United Nations Conference on Trade and Development (UNCTAD) World Investment Forum, which will take place on October 24 in Geneva, Switzerland.
The Binance ecosystem at work for social good
Our Blockchain Charity Foundation is not alone in the Binance ecosystem in its mission of social good and effecting social change. A huge part of BCF’s mandate is educating the public in the use of blockchain technology, like the need for transparency in charitable giving and the use of crypto wallets where donations can be directly sent to people in need. This is where other Binance divisions such as Binance Info and Binance Academy play an important role in offering resources to potential crypto adopters. This is just one sample of the whole Binance ecosystem at work in pursuing our goal of spreading the freedom of money around the globe.
For more information on CZ’s vision for a blockchain-enabled charity, read his blog here. CZ and BCF will be participating in the UNCTAD World Investment Forum on October 24, at the Blockchains for Sustainable Development forum, held at the UN headquarters in Geneva.
