United Nations Development Programme (UNDP), global development network whose aim is to eradicate poverty and reduce inequalities through the sustainable development of nations, has partnered with the Blockchain Charity Foundation (BCF) to investigate how blockchain technology can create social improvements.
Blockchain is finding itself being integrated with many different industries, and now looks like it will be used for social programs. The UNDP believes that the decentralized ledger technology can also benefit from the nascent technology. The United Nations outreach program has recently partnered with Binance’s Blockchain Charity Foundation (BCF) in order to explore the possibility to incorporate blockchain technology.
The head of BCF, Helen Hai claims that the UN Sustainable Development Goals could benefit from the DLT to mitigate the issues surrounding funding the group. Hai has also stated that using blockchain technology, it can help with the UNDP’s goal to eradicate poverty and reduce inequalities. The Blockchain Charity Foundation has donated $1 million to UNDP to help with social impact financing.
The partnership will explore further possibilities to utilize blockchain technology to as a means to create solutions to help the people of the Asia-Pacific region. The UNDP is already developing a DLT based land registry system in Haryana, India.
BCF has showcased its decentralized charity platform during the “Blockchain for Social Good: Utilizing Blockchain to Aid Economic Development” symposium. This platform is designed to make sure that funds reach those in need.
The BCF was initiated by cryptocurrency exchange giant Binance, and the non-profit organization will work towards achieving the Sustainable Development Goals (SDGs) detailed in the UN 2030 Agenda.