In a significant move towards improving healthcare and addressing climate change, Blockchain For Impact (BFI), a charity founded by Polygon co-founder Sandeep Nailwal, has announced a $90 million commitment to philanthropic initiatives. With an eye towards the future, BFI further pledges an astonishing $200 million to bolster health innovation and climate resilience globally.
Nailwal has emphasized the importance of blockchain technology in revolutionizing charitable donations, enhancing transparency, and ensuring accountability. As part of their mission, BFI aims to allocate funds to various impactful projects, including:
- Establishment of Solar-Powered Public Health Centers (PHCs) across India.
- A floating hospital in Assam designed to assist communities affected by flooding.
- Partnership with UNICEF to support healthcare innovation.
- Relief funding for health initiatives during the COVID-19 crisis.
According to Nailwal, the integration of blockchain into the philanthropic sphere not only facilitates tracking of donations but also assures donors of transparent fund management. “All donations received by BFI can be tracked through blockchain. While the final transfer to non-profit programs happens through a bank, every financial step is transparently displayed on our website,” he remarked.
This remarkable transparency in fundraising has yielded impressive results, as evidenced by a report indicating that 96% of healthcare workers reported enhanced care quality, significantly attributed to Ninety-six percent of health workers have observed improved care quality, pointing to the efficacy of BFI’s funded initiatives. Vaccination wastage has also decreased a staggering 83%, thanks to improved refrigeration systems in place.
The surge of cryptocurrencies into the philanthropic domain represents a paradigm shift in how charities operate, with BFI’s donations making up 9% of all cryptocurrency contributions tracked globally in 2024. Furthermore, a notable trend shows that more than 70% of the top 100 US-based charities are now accepting cryptocurrency, marking a substantial increase in digital adoption.
Globally, many large charities, including the UK Red Cross and Singapore Red Cross, have started embracing crypto donations, citing benefits such as reduced transaction fees and verifiable donation trails back to their engagements with donors. For instance, Save the Children reported receiving $8.6 million in cryptocurrency donations this year alone, underscoring the heightened interest in digital charitable contributions.
The introduction of crypto donations requires that nonprofits maintain secure and compliant systems. In response, The Given Block has recently partnered with Gemini, aiming to leverage artificial intelligence to improve the safety and integrity of cryptocurrency in philanthropy.
Research from Fast Company highlights a promising correlation: nonprofits marked by transparency enjoy, on average, a 53% increase in contributions the following year, emphasizing that transparency enhances donor trust and willingness to contribute. As the crypto market continues to evolve, the trend indicates increased acceptance and integration of crypto donations across more organizations.
The Giving Block estimates the total cryptocurrency donations will skyrocket to an estimated $89.27 billion by the year 2035, showcasing an unfolding landscape for the future of charity.
This emergence of blockchain and cryptocurrency as credible means of donation undoubtedly transforms the charitable landscape, rendering nonprofit efforts more transparent and efficient while addressing pressing global health and climate challenges.
