New Pink Care Token (PCAT) Sees Binance, Tron, Ripple And 44 Others Work To Help Countries Alleviate Period Poverty
There are many different applications and uses for blockchain technology available in different sectors which may not necessarily require any expert professional knowledge. Health, education and the financial sector are just three of the major industries where the application of blockchain technology is increasingly becoming common. Many startups springing up every day and together with the already established companies, the sector hopes to infiltrate the traditional sphere and use blockchain technology to improve quality of life.
Recently a new way blockchain technology can help is in the alleviation of the widespread phenomenon known as period poverty.
The Pink Care Token (PCAT)
Global Citizen, an international advocacy group, has described Period Poverty as “the lack of access to sanitary products, menstrual hygiene education, toilets, hand washing facilities, and, or, waste management. This problem is now at the forefront of a recently formed alliance of about 47 entities.
The Binance Charity Foundation, in conjunction with about 46 different organisations (including Ripple and Tron) are pulling efforts together to improve global access to free sanitary supplies for at least 1 million women in different countries using blockchain technology. The alliance has now created a “social impact stablecoin” called The Pink Care Token (PCAT). The PCAT platform run by Binance is set to receive donations from well-meaning individuals all over the world to the Pink Token which will then be exchanged for these sanitary supplies.
Cofounder and CEO of Binance, Changpeng “CZ” Zhao, has described the token as a way to be charitable and also encourage the adoption of cryptocurrency at the same time. According to CZ:
“Pink Care Token is the first social-impact stablecoin issued on Binance Chain. A part of our mission is to promote the adoption of cryptocurrencies, and I think charity is one of the most effective ways to demonstrate their value and make them available to the people in need.”
The official announcement also speaks on the process, ensuring the alleviation of period poverty with “100% transparency, zero corruption, and minimal transaction costs.”
Athena Yu, Executive Director of the Binance Charity, explains that there will be a sanitary products supplier who will release the supplies in exchange for the tokens. Yu said:
“After the women receive the token, they will use the token to redeem their sanitary pads at the supplier. The supplier will [also] come to the school to distribute the sanitary pads to each girl”
The first stage of the project is expected to begin in the Republic of Uganda.
Journey So Far
The PSI Health and research organization declared last year that period poverty affects at least 2.5 million women globally because they do not have access to sanitary supplies. Global Citizen also says that:
“Women and young girls who menstruate are ostracized from basic activities like eating certain foods or socializing, all over the word. The cultural shame attached to menstruation and a shortage of resources stop women from going to school and working everyday”.
The donation platform is already live on Binance Charity and at press time, has received donations worth 13.3210 Bitcoins (about $151,989.64). The platform allows donations In six different cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Ripple’s XRP and Paxos Standard (PAX).
What’s the Point of Using Blockchain?
Binance has stated that the use of blockchain technology for this project is to guarantee that the funds go directly to the people who need them and make sure there's no misappropriation at all. It is common knowledge that many charity projects are rife with a lot of corruption and manipulation and it is hoped that all this can be avoided using blockchain.
At the moment the charity alliance is considering other nations where cryptocurrency donations can be used for the alleviation of poverty.