Binance-Initiated Blockchain Charity Foundation Goes Live, As UN Turns to Blockchain Tech

Binance, supported by the TRON foundation and several other cryptoasset projects, has launched the portal for charitable donations to its recently-announced Blockchain Charity Foundation (BCF). The portal launch was announced during the Blockchains For Sustainable Development (B4SD) conference, part of this year’s United Nations Conference on Trade and Development (UNCTAD) World Investment Forum (WIF).

Beyond alphabet soup

As CryptoGlobe recently reported, the BCF publicized its ambition to raise $100 million during its first year of existence. And consonant with the BCF’s previously stated intention to “[focus] on Africa as a pilot to begin,” a donation channel has already been opened to aid flood victims in the Bududa district of Uganda, according to Yahoo Finance.

The aim of the BCF is to, naturally, remove all possible intermediaries between donors and recipients. This aspiration comes in response to numerous cases, in the past few years, of charity malfeasance and impropriety in dealing with donors’ donations; the American Red Cross stands as a notable example of this trend. The BCF will direct 100% of donations, it says, to beneficiaries.

To that end, the new platform will have a minimum of one, and a maximum of two layers between donors and recipients, according to a recent Medium post by Binance founder and CEO Changpeng Zhao (“CZ”). The BCF itself will be the primary layer, developing its own programs with “very [careful] due diligence” which can receive and directly send donations; followed by an optional secondary layer - for example a U.N. program - which can also direct donations.

All transactions will be transparently visible via a planned blockchain explorer website, which will need to “track transactions on different blockchains, and potentially handle user registration and verification, and KYC and AML, etc.”

CZ has stated that the BCF will take the lead in financing the platform’s development, and in troubleshooting eventual issues with getting beneficiaries set up with wallets, adding “we welcome others to provide their support as well.”

A number of donations can already be seen, in the form of various cryptoassets (complete with transaction IDs), on the BCF’s new website. A tab for “Allocation Records” remains blank, but will presumably contain data showing final Ultimate Beneficiary receipts of funds, in the near future.

The TRON (TRX) foundation is notable for being perhaps the first high-profile donor to the new endeavour, giving $3 million to further develop the program.