Blockchain donations are transforming social impact

Social impact refers to a practice where businesses and public institutions focus on addressing social issues as innovative business opportunities.

NGO officials sharing their experiences with digital asset donations and discussing its future applicability at the Upbit D conference [DUNAMU]

Social impact refers to a practice where businesses and public institutions focus on addressing social issues as innovative business opportunities.

There is now a growing expectation that blockchain can be actively utilized to resolve social problems, as digital assets are increasingly employed in NGO’s donation campaigns.

On Nov. 13, at the Upbit D conference (UDC) held by Upbit, officials from World Vision Korea, Good Neighbors, Community Chest of Korea and The Korean Committee for UNICEF gathered to share their experiences with digital asset donations and discussed its future applicability.

All the discussants agreed that this new form of donation, based on blockchain technology, enhances efficiency in fundraising while transparency is guaranteed as the technology allows the donor to track the use of their money.

It is also fast and costs less. These advantages are instrumental in urgent situations, such as raising money for war-torn countries or countries struck by natural disasters.

“The loss of money during the donation process amounts to billions, and this is money to save a country,” said Jung Ho-yun, chief financial officer at World Vision Korea.

Despite some remaining issues, such as people’s resistance toward new technology, the absence of unified financial law regarding the acquisition of digital assets and encashment difficulties, the discussants participated emphasized the importance of openly discussing such an option and how this new donation trend can promote a more sharing culture.

BY KIM SU-HYEON [kim.suhyeon4@joongang.co.kr]