Blockchain technology and cryptocurrencies offer extremely high-level transparency that makes it easier to see where the money is headed. Moreover, the lack of an intermediary also reduces any corruption that may be occurring in the previous system. Now companies like Binance are taking blockchain to erase charity fraud.
Currently, people across the globe want to help those in need but are very hesitant to do so due to the corruption surrounding the sector.
In the past, there have been numerous incidents of charity fraud that were detected. In more than thirty percent (30%) of those incidents, the staff was involved in one way or another. Moreover, the poor administration, as well as poor management and improper records, played a key part in the problems of these charities.
To counter such problems blockchain technology is perfectly suited as the network removes any intermediary, can keep track of the supply chain as well as maintain excellent management.
Now Binance is bringing blockchain to help Ugandan children. The African country faces a severe case of famine and AIDS all pumped up by the war in the country. Millions of people in the country live in extremely poor conditions. The children in such a country need as much guidance and support as they can get.
Binance is set to collaborate with Dream Building Service Association that will select schools teaching poor children and provide them with a stable food supply. Donations will be given to children’s parents that can then pay the food suppliers.
People can donate through their crypto wallets as donating one Binance coin will feed a child for one day.