The United Nations Development Programme (UNDP) is collaborating with the Charity Foundation of Binance to explore the benefits of Blockchain technology in social projects. The partnership is designed to find solutions that can enable UNDP to roll out its agenda.
Details Of the Partnership
Binance Blockchain Charity Foundation donated $1 million towards UNDP projects. The revelation was made during the mini session of the 73rd UN General Assembly where Binance Charity Foundation (BCF) was a co-host alongside the Women Political Leaders Global Forum (WPL), and the Finance Center for South-South Cooperation (FCSSC).
The United National Development Programme (UNDP) has been exploring strategies to launch DLT infrastructure. The organization believes that Blockchain technology will be vital in increasing the global coverage and making their social works have far-reaching effect as envisioned by the founders.
The donation to UNDP will fund the creation of Blockchain networks that will bring together beneficiaries of UNDP services such as poverty eradication group, population empowerment organizations, government support groups, etc.
This will form a part of the wider UN Sustainable Project Development Goals. A dedicated and customized DLT platform will enhance monitoring of the projects and transparency of utilization of funds. Additionally, it will be used to monitor the impact of initiatives and whether there is a successful transformation in the targeted group.
Binance Charity Foundation Is Positive Of A Good Outcome
The head of Binance Charity Foundation, Helen Hai, believes that the partnership will usher in a new era in how the UNDP works. Firstly, Blockchain technology will enable UNDP to unveil transformative solutions to problems facing peoples in all corners of the globe particularly in developing nations in Africa, South East Asia, South America, and the Caribbean.
BCF is adamant that funding UNDP and assisting the global charity body in its mission will bear good results in areas. The new partnership will contribute exponentially towards poverty eradication through Blockchain based activities that empower the poor and marginalized communities of this world. Generally, this is a social impact financing which will expound on how Blockchain technology can be customized for philanthropic endeavors.
The UNDP Welcomes The Partnership
The Director of the Regional Bureau for Asia and Pacific at the UNDP who is also the Assistant Secretary General of the United Nations, Haoliang Xu, welcomed the partnership reasserting the long-held UNDP notion that Blockchain Technology can be used to social impact projects. He expressed confidence that the BCF contribution to UNDP mission will go a long way in addressing the shortfall in development goals that the organization has been grappling in the fast-paced world.
The Binance Charity Foundation Was Conceptualized For This Purpose
Binance has been wanting to give back to the society. Since Cryptos have no boundaries, the best approach that the team could think of was to form Binance Charity Foundation. The sub-organization has a mission of meeting the Sustainable Development Goals (SDGs) that are part of the UN 2030 Global Agenda.
Binance is the largest Crypto exchange platform in the world. The company is working to ensure that Blockchain technology is beneficial not only to Crypto traders but to the very poor and marginalized people in the word.