The World Investment Forum 2018 which is staged annually by the UN Conference on Trade and Development (UNCTAD) was dominated by blockchain this year.
This year’s main event was entitled “Blockchains for Sustainable Development” and attracted keynote speakers who discussed the future of the technology. This year’s main speakers included Binance CEO Changpeng Zhao, TRON Founder Justin Sun, European Parliament member Eva Kaili, Bancor co-founder Galia Benartzi and UNICEF Ventures Lead Chris Fabian.
Binance CEO Changpeng Zhao announced that the company was focusing on delivering a more transparent approach to charitable donations, an area which dogged the industry for many years and had driven donors away. He spoke on UN’s sustainable development goals (SDGs) suggesting that blockchain can be the main driver towards changing entrenched practices of charitable companies:
“For the 17 SDGs, there is one underlying problem we’re trying to solve: transparency. Blockchain has many benefits but ‘transparency’ is the one word I want people to remember today. With increased transparency, charity will improve 100 times: 100x more efficient, 100x more donations and 100x more impact!”
Today at #WIF2018, @Binance CEO Changpeng Zhao @cz_binance launched a new platform that uses #blockchain technology to track donations, allowing people to see where their money goes and who benefits. “With better transparency we can achieve 100 times more results,” he said. pic.twitter.com/c3LQPWLDng
— UNCTAD (@UNCTAD) October 24, 2018
CZ, as he is affectionately referred to, has said elsewhere that blockchain predictions, similar to those about cryptocurrency, should be taken with a pinch of salt. He believes specialized ledgers will change the face of crypto space, taking over from large blockchains such as Ethereum.
Zhao argued platforms such as this using DLT is what people want to see in the future; places where donors’ money can be tracked by all parties. The new Binance platform will initially support BTC, BNB and ETH. Tron founder Justin Sun kickstarted Binance’s Charity foundation with a generous donation of USD 3 million, wanting “to donate money for good cause”. The CEO commented:
“All of us here have made the decision to be leaders in shaping blockchain technology for social good. Binance Charity Foundation is taking substantial steps in that direction by increasing the transparency of donations so we can see where the goodwill of the donors is going and what impact it has.”
MEP Kaili saw hidden banking fees an area where blockchain can make some meaningful changes, arguing, “USD 130 billion of hidden fees are now the reality for the banking sector and any transaction you do. The potential to reduce that is huge. And blockchain could be one of the solutions.”
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