While the benefits of blockchain and crypto are generally plain to see, they become more prominent during times of disaster and crisis in the world as they have been used as a means to not only donate funds towards those who are in need but also to track the movement of these funds and make sure that they are being used for their rightful purpose. During disasters such as the hurricanes in the Bahamas, many blockchain and cryptocurrency-related firms donated relief money towards the cause and this is part of a growing trend of social responsibility on the part of crypto and blockchain firms.
Now, blockchain and crypto-related firms are pitching in once again this time, to support relief efforts for the coronavirus which is currently ravaging in Wuhan in China.
The relief efforts, in this case, include Binance which has pledged $1.44 million to relief efforts. Binance CEO Changpeng Zhao made the announcement via Twitter but did not respond when he was tagged in a post which spoke of cryptocurrency donations being accepted for relief efforts.
“For #Wuhan, not realistic to do crypto to end beneficiaries. Binance pledged 10m RMB ($1.5m USD) to help #coronavirus victims. We didn’t make any announcements. But [Binance Charity Foundation] BCF/Binance team has been busy for the last few days. Still need help to arrange logistics locally,” he tweeted.
According to a post by blockchain marketing service firm Krypital on January 25, 2020, the firm also launched donation efforts and is accepting tether on the Ethereum blockchain towards relief efforts. On top of this, they are also recruiting people to help in the moving of medical supplies and giving aid to victims. A blockchain donation tracking system has also been put in place that will ensure the efficiency of the distribution of the funds collected. This is yet another possible application of blockchain in the sector of goodwill. This means that when donations are collected for charitable purposes, they will actually be used for these purposes and there is less chance of embezzlement seen as all transactions will be recorded on the public blockchain.