The Blockchain Charity Foundation (BCF) has donated US$1 million to the United Nations Development Programme to support the application of blockchain technology for social good.
The financial contribution was announced during the 73rd UN General Assembly last week.
“We firmly believe that blockchain technology will bring transformative solutions to social problems, and help bridge the UN Sustainable Development Goals funding gap in fast and innovative ways,” BCF head Helen Hai said.
“Working with UNDP, our aim is to eradicate poverty and empower and bring prosperity to millions who are marginalised and living in poverty.”
The UNDP has already started to explore blockchain initiatives in Haryana, India, where it has helped the state build a blockchain-based land registry.
BloBCF aims to further scale blockchain solutions like this as part of its mission to demonstrate the power of blockchain in helping achieve the UN 2030 Agenda and Sustainable Development Goals.
BCF has also recently unveiled its decentralised charity platform, which enables a donation to be tracked from donor to beneficiaries.
The not-for-profit organisation was initiated by Binance, the largest cryptocurrency exchange by trading volume, and additionally supported by Tron, a decentralised entertainment ecosystem.