Charity Sector, the Optimal Place to Use Blockchain Technology
“After a spectacular transformation from a “receiving” country to a “giving” country, South Korea is now pioneering the culture of giving with blockchain technology.”
SEOUL, SOUTH KOREA / ACCESSWIRE / March 10, 2021 / When you hear the word “blockchain,” you may think of cryptocurrency. A survey of 2,000 participants conducted by American consulting firm Vorhaus Advisors and by blockchain news site Cryptonews.com revealed that only 25% of adults know about blockchain and 62% of those adults equate blockchain only with cryptocurrency.
The level of awareness is not much different in Asia, where 55% of the world’s top 20 crypto exchange platforms operate and where 32% of the exchange platforms have offices. The bad reputation given to cryptocurrency due to its volatility in value obscures the advantages and potential of blockchain technology.
With CHERRY, Korea’s first blockchain-based donation platform developed and operated by E4NET, a Korean IT company, an example exists wherein the distributed data storage and transparency made possible through blockchain technology have been fused with charitable giving to be used in a positive way for all members of society.
‘Volunteers delivered coal briquettes, a heating fuel for low-income households in a shanty town in the city.’
The name “CHERRY” comes from the pronunciation of “charity” combined with the qualities of the fruit itself-small, sweet, and able to spread happiness through its taste. CHERRY makes real-time recordings of all donations being collected or delivered onto blockchain to reveal all transactions transparently and publicly. On this platform, only smart contracts allow the automatic delivery of donations, thus minimizing the risk of misappropriated funds. The platform provides donors with the option to choose their preferred payment methods, including online payment, credit card, etc. In particular, it allows donations with reward points from customer reward programs such as L.POINT, creating the positive effect of linking spending with donating.
Despite recent difficulties amid the COVID-19 pandemic and the resulting stagnation in the charity sector, CHERRY is gaining recognition as an industry-leading service that utilizes blockchain technology to spearhead the culture of donating, with total donations having hit KRW 987 million, and having achieved 13,000 members, 689 launched campaigns, and 142 registered organizations.
In light of these accomplishments, CHERRY was selected as the “2019 Blockchain Private Initiated People’s Project” by the Korean Ministry of Science and ICT and the Korea Internet & Security Agency, while also receiving the Ministry of Science and ICT’s Minister’s award for achievements in the promotion of blockchain technology.
E4NET CEO Su-Jeong Lee identified charitable giving as “the area where the transparency of blockchain can be perfectly applied,” while also sharing her hopes that “CHERRY continues its growth as a benevolent platform that attracts more donors and charities, contributing to make the world a better place.”
#
Contact: Emma Lee
Sangeun.lee@e4net.net (Marketing Director)
+82 2 3465 8579
Company Information
Address: 21, Teheran-ro 87-gil, Gangnam-gu, Seoul, Republic of Korea
Email: info@e4net.net
+82 2 3465 8506
Website: https://cherry.charity/public/mainPage
SOURCE: Cherry
View source version on accesswire.com:
https://www.accesswire.com/634631/Charity-Sector-the-Optimal-Place-to-Use-Blockchain-Technology