Blockchain For Impact Commits $290 Million to Healthcare, Climate Initiatives

Blockchain For Impact (BFI), a charity founded by Polygon co-founder Sandeep Nailwal, has announced a significant commitment of $90 million to advance biomedical research, drive healthcare innovation, and enhance climate resilience. This initiative is expected to accelerate the adoption of blockchain technology in charitable endeavors.

BFI has plans to allocate an additional $200 million to support the growth of healthcare startups, expand biomedical research, and strengthen public health systems. This substantial investment underscores the charity's dedication to leveraging technology for social good.

BFI has already backed several impactful projects in the healthcare sector, including Solar-Powered Public Health Centers (PHCs), a floating hospital in Assam to aid communities in flood-prone areas, the UNICEF Healthcare Innovation Partnership, and relief funding during the COVID-19 crisis. These initiatives have demonstrated the potential of blockchain technology in making philanthropic efforts more transparent and accountable.

According to Sandeep Nailwal, Founder of Blockchain for Impact and co-founder of Polygon, the use of blockchain technology ensures that all donations received by BFI can be tracked transparently. While the final transfer to non-profit programs occurs through a bank, every financial step is displayed on BFI's website, allowing anyone to verify the disbursements independently.

Nailwal highlighted the effectiveness of this approach, stating that the $68 million channeled for COVID-19 relief in India, including $15 million to the Government of India through UNICEF for 128 million syringes, followed the same transparent method. This transparency has led to significant improvements in healthcare, with 96% of healthcare workers reporting improved care and an 83% reduction in vaccine wastage due to steady refrigeration.

BFI's commitment to transparency and accountability in philanthropy is part of a broader trend of charities embracing cryptocurrency donations. The transparency of the blockchain ledger makes donations publicly traceable and reduces transaction fees compared to fiat-based donations. This trend is not limited to the US but is also seen in global charities, including the UK Red Cross and Singapore Red Cross, as well as international nonprofits like Save the Children.

As cryptocurrency adoption grows, so does the need for secure and compliant solutions for nonprofits. The Given Block announced its partnership with Gemini to enhance the security of crypto in philanthropy. According to a report from Fast Company, nonprofits with a strong track record of transparency experienced a 53% increase in contributions on average the following year. This highlights the positive impact of transparency on donor willingness to contribute.

With the continued growth of the crypto market, crypto donations are expected to be increasingly accepted by more organizations. This trend is likely to continue, with estimates suggesting that crypto donations could reach approximately $89.27 billion by 2035. BFI's initiatives serve as a model for how blockchain technology can be used to enhance the transparency and effectiveness of charitable efforts, paving the way for a more accountable and impactful future in philanthropy.