Binance launches blockchain-based donation tracking platform at WIF 2018

Blockchain Charity Foundation (BCF), a not-for-profit organization dedicated to the advancement of blockchain-enabled philanthropy, has launched a new platform that uses blockchain technology to track donations.

Initiated by Binance – the world’s largest crypto exchange in terms of 24-hour trading volume, BCF is headed by Helen Hai, UNIDO goodwill ambassador, with Marie-Louise Coleiro Preca, President of Malta as the Chair of its senior advisory board.

The announcement was made by Binance CEO Changpeng Zhao at the World Investment Forum (WIF) 2018. The new platform will allow people to track their donations and see who it benefits.

Today at #WIF2018, @Binance CEO Changpeng Zhao @cz_binance launched a new platform that uses #blockchain technology to track donations, allowing people to see where their money goes and who benefits. "With better transparency we can achieve 100 times more results," he said. pic.twitter.com/c3LQPWLDng
— UNCTAD (@UNCTAD) October 24, 2018

According to a press release dated October 24, the charity system will begin accepting donations immediately, with initial support for Binance Coin (BNB), Bitcoin (BTC), and Ethereum (ETH).

BCF has also announced that it will also open a donation channel to support victims of the floods and landslides in Eastern Uganda.

Speaking at the event, Zhao emphasized that “transparency” will help improve all 17 of the Sustainable Development Goals (SDGs). He underscored the impact blockchain had on fundraising and donation distribution during disaster relief in West Japan last month. He explained the architecture of BCF's donation portal saying:

''Conceptually, it is easy to track the flow of funds through the layers and we can make this 100% transparent. At the same time, for anything Binance is involved with, we pledge that 100% of donations will go to the end beneficiaries, and all costs will be covered by Binance, the company and the foundation.''

During an evening reception at WIF hosted by BCF, Tron Foundation pledged an initial amount of $3 million to BCF to be used towards advancing blockchain efforts for charity.

''All of us here have made the decision to be leaders in shaping blockchain technology for social good,'' said Justin Sun, CEO of Tron Foundation. ''Binance Charity Foundation is taking substantial steps in that direction by increasing the transparency of donations so we can see where the goodwill of the donors is going and what impact it has.''