While most of the discussion on blockchain and crypto development centers around its use for commercial endeavors, there is a lot more attention these days on the social good that is coming through the blockchain technology and cryptocurrency. In terms of natural disasters and crises, cryptocurrency is more and more being solicited as a means of sending relief towards the victims of these disasters. Recently the UAE‘s ministry of social development announced a blockchain development competition that will see participants try to win prize money by developing blockchain initiatives that will help social good.
It has been announced on October 8, 2019, that United Nations children’s fund has launched an initiative that is to be used to improve the lives of children across the globe and will also make use of cryptocurrency for this purpose.
Blockchain comes to UNICEF
This new initiative is a cryptocurrency fund that will be used to support open source technology that will benefit the lives of children worldwide. With this new development, UNICEF becomes the first United Nations branch to make use of cryptocurrency and the two tokens to be excepted for now are bitcoin and ether.
“This is a new and exciting venture for UNICEF. If digital economies and currencies have the potential to shape the lives of coming generations, it is important that we explore the opportunities they offer. That’s why the creation of our Cryptocurrency Fund is a significant and welcome step forward in humanitarian and development work,” the announcement says.
This is been done with the Ethereum foundation as according to Aya Miyaguchi, the director of the foundation, 100 either tokens worth $18,000 have been sent to UNICEF’s fund and this will benefit the recipients of the UNICEF innovation fund.
“We aim to support the research and development of the Ethereum platform, and to grow the community of those that benefit from a technology that will better countless lives and industries in the years to come,” Miyaguchi said.
This creation of the crypto fund shows a new era in social good being done with cryptocurrency and hopefully, more and more charitable organizations will follow in UNICEF’s footsteps and see the benefits in crypto.