In a blog post written by Binance on October 14, the company decided to describe what is BCF and how it works. First of all, BCF (or Blockchain Charity Foundation) is Binance’s charity that will be working in order to promote charitable activities and donating funds.
The last week, Binance’s CEO Changpeng Zhao, announced that the exchange will be donating listing fees to charity. However, it was not clear how Binance was going to donate the funds.
BCF wants to make global sustainable development more efficient and impactful by using distributed ledger technology (DLT). With it, it will be possible to distribute donations more efficiently to those individuals that really need that.
As many other analysts have seen in the past, there was a lack of transparency in the charity space. In some specific situations, donations often did not reach their intended beneficiaries. And indeed, there was a growing demand for decentralized and more transparent solutions.
Binance is currently working in order to build a fully transparent donation platform with the intention to record donations on the blockchain. This would increase transparency and efficiency.
Back in July, Binance brought Helen Hai to the company with the intention to lead BCF. With the expertise and experience, she has in the field of social change, she is able to understand the potential impact and potential of blockchain technology in the industry.
At the same time, the President of Malta, Marie-Louise Coleiro Preca, joined as Chair of BCF’s senior advisory board. Other partnerships have also been made thanks to Helen Hai and the work performed by BCF.
In September, BCF has also initiated the ‘Blockchain for Social Good’ session at the 73rd United Nations General Assembly. BFC will be supporting a ‘Blockchains for Sustainable Development’ session at the UN Conference on Trade and Development and it has also donated $1 million dollars to the United Nations Development Programme (UNDP).
The company wrote:
“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.”
Binance is working very hard in order to improve charity standards all over the world by leveraging blockchain technology.