In the future, the United Nations Development Program (UNDP) will work together with the charity foundation created by Binance. Their goal is to fight against poverty, largely defined by the United Nations Sustainable Development Goals. It seems that the UN has found in Binance a suitable ally in their quest for a better world.
The UNDP is starting to explore the blockchain technology and the companies from the ecosystem. The new initiative is responsible for promoting developing countries.
The sustainable development goals are to be achieved by 2030 include the fight against hunger, the improvement of health, free access to education and equal rights for women.
To work on the implementation of the goals, the United Nations Development Program wants to use the Blockchain technology as a tool. In order to this appropriately, the UNDP announced a partnership with the Blockchain Charity Foundation (BCF), which has pledged to use the Blockchain for humanitarian purposes. The BCF is a foundation that was launched by world’s largest crypto exchange Binance.
At #UNGA, in NY, @BinanceBCF & @UNDP sign partnership to jointly explore how #blockchain technology can support social good and economic development to solve some of the world’s toughest challenges pic.twitter.com/nGaynfC0tn
— UNDP Asia-Pacific (@UNDPasiapac) September 24, 2018
Forbes reported, that the new head of the BCF, Helen Hai, is convinced that the goals can only be achieved with the Blockchain. She sees blockchain applications as valuable tools, especially in humanitarian financing for underdeveloped countries.
“Binance wants to build bridges to industrialized, economic development with the global capital markets. So it’s not just about cryptocurrency and charity going hand in hand. Cryptocurrencies can be a modern accelerator for economic integration into global markets “, said Hai.
Hai also said that the situation for humanitarian aid organizations is currently tricky, as in many cases the money is disappearing without any trace.
Also, the contributors become reluctant when they see a large part of the donated money flowing into the personal expenses of the charities. By reducing the processing costs, the blockchain would facilitate these types of transactions.