Binance Charity introduces PPE Token, a blockchain-powered stablecoin, which can be used to track the last-mile delivery of PPE to hospitals.
Donating to charity seldom involves transparency or a clear path of funds from donor to end beneficiary. In efforts of promoting the passthrough of donations and transparency of delivery, Binance Charity has created the PPE Token.
More than 200,000 masks/PPE will be delivered to hospitals and first-responders throughout New York City via couriers, and the PPE token will be utilized as a form of compensation and proof-of-delivery technology.
On the importance of the PPE Token and blockchain technology in the fight against COVID-19, Jarred Winn, SVP of Charity said; “Our mission is to show that blockchain technology can improve the way we give by promoting transparency within philanthropic organizations. By utilizing the PPE Token and blockchain, we aim to provide a greater proof-of-donation and hope that others will follow in our effort to prove impact while maintaining integrity.”
Impact of Coronavirus in New York State
The United States of America has been severely affected by COVID-19, with over 1.2 million cases and 61,000 deaths as of May 5 (WHO). At present, the U.S. accounts for almost one-third of the total number of cases globally. New York, due in part to its dense population of ~8 million people and 27,000 people per square mile, has been the worst hit in the U.S. With over 300,000 cases and 25,000 deaths, the state currently has more confirmed COVID-19 cases than several countries around the world, countries with populations many times larger than New York.
Healthcare workers in New York need as much support as possible to stay safe while battling the spread of COVID-19 in the state. Binance Charity is dedicated to supporting these healthcare heroes. The PPE Token utilizes blockchain technology to ensure medical supplies(masks, PPE) reach targeted end beneficiaries - New York healthcare workers on the frontline of the fight against COVID-19.
What is the PPE Token?
PPE Token is a stablecoin that represents the delivery of one mask to an end beneficiary. 1 PPE Token=1 mask delivered to a designated hospital
Key features of the PPE Token:
Stable value against currency rate - 1 PPE Token = .02 USD
100% transparent transaction, immutable records
Redemption guaranteed by Binance Charity
Why We Use the PPE Token?
1.) To achieve 100% transparency in charitable giving
PPE Token is featured as a transparent token: transparent over the entire process, including issuance, distribution, and redemption.
The token is minted on Binance Chain, and distributed to the wallets, each representing one hospital in New York City. As masks are delivered, PPE Tokens are released from hospital wallets to couriers, showing that the last-mile delivery is done. Couriers will redeem all PPE Token received for fiat money with the help of Binance Charity as the last step of the entire process.
2.) To decentralize charity in order to enhance aid efficiency
Binance Chain is a blockchain software system developed by Binance and the community with developers from all over the world. It offers possibilities for the flow of assets. Here are the features of Binance Chain:
Fast: With one-second block confirmation time, Binance Chain can process several thousand transactions per second, ensuring fast and efficient transactions for all users.
Low-cost: Costs of using Binance Chain are relatively low in both fees and liquidity costs. Users can enjoy their first orders for free and discounted fees paid in BNB.
Therefore, by introducing the PPE Token, the transparency of aid is expected to increase significantly, to make sure no one tampers with the medical supplies.
3.) To utilize blockchain for transparent charity
There are many misconceptions about cryptocurrency, one of which is that it is limited only to trading and speculation. The PPE Token is one of Binance’s social-impact tokens, similar to the Pink Care Token launched in 2019 to alleviate period poverty. PPE Token’s mission is to continue bringing social impact as a goal to the cryptocurrency industry through social initiatives.
By launching the PPE Token, we aim to continue our mission of using blockchain for social good and transforming traditional charitable giving in a fully transparent and accountable manner. We echo the call of the UN’s Sustainable Development Goals. We want to shape a brighter future for all human beings and all other living creatures on earth.
How Does the PPE Token Work?
The courier group will be required to receive and process the PPE shipment through customs in an NYC airport. Subsequently, they will deliver supplies to the following hospitals:
NY Presbyterian Hospital - 45 boxes, 18,000 masks
NYU Langone - 45 boxes, 18,000 masks
Mount Sinai Hospital - 45 boxes, 18,000 masks
Lenox Hill Hospital - 45 boxes, 18,000 masks
Montefiore Medical Center - 45 boxes, 18,000 masks
Mount Sinai Beth Israel - 45 boxes, 18,000 masks
Maimonides Medical Center - 45 boxes, 18,000 masks
Staten Island University Hospital - 45 boxes, 18,000 masks
Stonybrook Hospital - 45 boxes, 18,000 masks
Huntington Hospital - 45 boxes, 18,000 masks
Walter Reed - 50 boxes, 20,000 masks
Here’s the procedure:
Step 1: Each of the above end beneficiaries will have wallets created on their behalves with a dedicated supply of PPE Tokens (~20k/varies by current demand).
Step 2: Couriers will pickup PPE equipment from a NY Airport and process through customs.
Step 3: Couriers will deliver the goods to the hospitals outlined, recording video, and having the recipient sign a liability release while confirming the quantity received. This will be provided to Binance Charity as proof of delivery and the PPE Tokens will subsequently be released to the courier as payment.
Step 4: PPE Tokens will be redeemed with BCF at the rate of .02c per token, which will be staked in a custodial wallet and released upon verification of ownership.
How to Support?
Binance Charity is calling for partnerships to support the launch of the PPE Token, donors that are willing to support the purchase and delivery of PPE to hospitals all over the world, and couriers who are willing to try this new blockchain charity model with us.
Join Binance Charity and help the world fight the coronavirus. Even a small donation can save lives. Together, let’s help those in need. Click here to donate or reach out to firstname.lastname@example.org to be our courier for last-mile delivery.