Binance Boss Unveils Blockchain For Charity At UN Conference
Charity has been the latest sector where blockchain can be used. Binance boss Changpeng Zhao has highlighted how blockchain technology can be beneficial to the sector.
Blockchain Lauded To Revolutionize Charity
The founder of Binance Changpeng Zhao has stated that the blockchain technology can revolutionize the charity sector. Speaking during a conference at a UN forum in Geneva, Zhao said that the technology has the potential to bring transparency to the sector. During his address, Zhao unveiled the Blockchain Charity Foundation.
According to Zhao, many people were holding back from giving donations because of transparency issues. He noted that 80% of contributions are not used for the intended purposes. Zhao added that once people are assured of transparency, they will start giving back to their communities.
Zhao revealed that during the floods in Japan, about $1.5 million worth of cryptos was donated to help victims. The funds were sourced after a call to action from Twitter and his exchange took over the distribution responsibilities. He added that plans are underway to deploy smart contracts to automate the entire process of blockchain deployment in charity.
A report from Binance indicated that all donations reached the flood victims with blockchain technology tracking the movement up until the end. Zhao highlighted that they undertook the endeavor as a trial process. He pointed out that the entire process was flawless.
Through their system, there is advanced transparency. He pointed out that they can clearly view the amount being donated. For those who prefer the open transaction, Binance can tell the transactions being made.
Zhao stated that they established an address meant for the test. The address was used to make donations by Binance. He maintained that their system was open to the public. Such openness is a clear indicator that blockchain payments can be transparent. If we have transparency, beneficiaries will be more than willing to reveal their identity.
Blockchain In Charity To Push For Crypto Adoption
Zhao pointed out that donations through cryptocurrencies can be used in spearheading the adoption of digital currencies. He said that such innovations in the sector can a go long way in popularizing cryptos. Additionally, crypto holders also want to spread around their holdings. With Blockchain for charity, such distribution will be made easier.