One of the areas that blockchain technology can do a lot of good is in developing and poverty-stricken countries. In fact, in Africa, a lot more people have mobile devices than bank accounts.
These people cannot apply for loans or use the likes of internet banking as a result of their lack of bank account. However, blockchain technology and cryptocurrency can allow them to transact with money online through their mobile devices and have their wealth protected in a safer manner.
Recently, there was a major three-day conference held in Malta called “DELTA Summit”. There were numerous major parties from the blockchain world attending the conference, such as Binance. During the event, Binance announced the new Blockchain Charity Foundation that they have created.
They recently had the initial board meeting that took place in New York City and they were also present at a recent meeting of the United Nations General Assembly.
They are aiming to raise as much as $100 million over the next twelve months. The utilisation of blockchain technology in charities can reduce or entirely get rid of donation transaction fees.
It also allows for a lot more transparency as to where donator’s money is going and what it is being used for. A lot of charities in their current form are coming under fire for their lack of transparency and their mass inefficiencies.
Their main area of focus, in the beginning, will be in Africa. One party that has already made a significant donation to this new charity is that of the TRON Foundation.
There are also major players in the sector getting involved. This is certainly a great idea and it will be interesting to watch going forward how successful they will be through implementing blockchain technology in a charity setting.