Blockchain for Social Good: Utilizing Blockchain to Aid Economic Development

The United Nations is finally looking to explore the benefits of Blockchain in its efforts to support developing nations with resources to improve the lives of its citizens. The news was announced at the 73rd UN General Assembly held in New York which was jointly held by Blockchain Charity Foundation (BCF), Finance Center for South-South Cooperation (FCSSC) and Women Political Leaders Global Forum (WPL) with a Keynote address by Maltese President, Marie-Louise Coleiro Preca as well as a roundtable discussion and showcase of global blockchain pilot programs..

“We believe that blockchain is a technology that can have a huge impact in the developing world in numerous ways,” stated Haoliang Xu, Assistant Secretary General, United Nations.

The initiative will be jointly developed by the United Nations Development Programme (UNDP) and BCF which aims to drive economic growth through Blockchain.

“We are excited to see the strong commitment from BCF to work with UNDP to explore how blockchain technology can help develop solutions to some of the most difficult development challenges in Asia and the Pacific,” Xu added.

The Blockchain Charity Foundation (BCF) founded earlier this year by cryptocurrency exchange Binance and Maltese President’s Trust is a not-for-profit foundation supporting the utilizing of blockchain for social good and the advancing of 2030 UN Sustainable Development Goals. BCF works with global leadership organizations and innovators to educate and raise awareness of the use of Blockchain-based solutions.

At #UNGA, in NY, @BinanceBCF & @UNDP sign partnership to jointly explore how #blockchain technology can support social good and economic development to solve some of the world’s toughest challenges pic.twitter.com/nGaynfC0tn — UNDP Asia-Pacific (@UNDPasiapac) September 24, 2018

“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,” said UNIDO Goodwill Ambassador and Head of Blockchain Charity Foundation Helen Hai.

Blockmanity’s Take

Key issues like cryptocurrency volatility and the implementation plan were not addressed but this is a great initiative by all parties to use Blockchain for social good.

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