Binance Charity Utilizes Blockchain Technology to Deliver 200k Masks to 11 NY Hospitals
Binance Charity, the non-profit arm of Binance exchange, has been on the frontline when it comes to granting aid to countries devastated by COVID-19. Stepping up its efforts to offer more relief, the organization delivered thousands of PPE (personal protective equipment) to New York, which affected the pandemic. A press release revealed this news on June 17, noting that the non-profit leveraged it’s Crypto Against COVID fundraising campaign to raise the relief funds.
In the press release, Binance Charity saw that non-profits rarely give donors clear insight into the journey of their funds. To further modify this tradition, Binance Charity uses its underlying blockchain technology to encrypt each donation on an immutable ledger. The ledger then creates a transaction ID that donors can utilize to track every step of the donation route.
As per the publication, the organization acquired a social impact cryptocurrency identified as PPE to provide relief to New York further. This token is the first of its kind, and it recognized Binance Charity confirm the successful, tamperproof delivery of 200,000 N95 masks to 11 hospitals in New York and its surroundings. The token also worked as compensation for the couriers.
Combined with the transaction above IDs, the PPE token secured 100% transparency on the public ledger. The information involved on the public ledger included issuance, redemption, distribution, purchase of the N95 masks, the details of the flights transporting the masks, and photos of healthcare workers receiving the medical equipment.
Commenting on the philanthropic work of Binance Charity, Daniel Baier, the operations manager at Huntington Hospital said in a statement, “I want to extend a thank you for the generous donation of masks provided to Huntington Hospital. This donation represents the support that keeps us going strong as we continue our battle against COVID-19.”
Aside from the Huntington Hospital, other profiting hospitals were NY Presbyterian Hospital, Mount Sinai Hospital, NYU Langone, Lenox Hill Hospital, Mount Sinai Beth Israel, Montefiore Medical Center, Maimonides Medical Center, Stony Brook Hospital, Staten Island University Hospital, and Walter Reed Army Medical Center.
A noble crypto course
To date, Binance Charity has reportedly been capable of raising more than £3.2 million by its Crypto Against COVID campaign. By practicing transparency while using the donated funds, the organization has helped in the delivery of more than 1 million PPE materials. Some of the nations that got these donations involve China, Japan, India, Italy, South Africa, Spain, and the US.
Revealing why it was important to launch a blockchain-powered fundraising campaign, Helen Hai, the head of Binance Charity said in a statement, “Binance is proud to help those on the front lines of the fight against the global pandemic, through direct contributions and a platform that will continue to help long after COVID. Blockchain is a powerful antidote to a problem that has long plagued the philanthropy sector: distributed ledgers have the speed, scalability, and immutability to alleviate donor concerns, ultimately maximizing charitable impact. At Binance Charity, our mission is to amplify the use of this cutting-edge technology for social good, and with COVID-19’s unprecedented arrival and startling spread, we have provided a trustworthy approach to remedying the spread of the pandemic.”