ALBAWABA- In recent years, crypto and blockchain technology have increased in various fields, including disaster relief efforts. This was evident during last week's earthquake that struck Turkey and Syria, where these emerging technologies played a significant role in helping the victims.
Charities, businesses, and volunteers from all over the world are using cryptocurrencies to aid relief efforts in response to the earthquake that resulted in more than 41,000 fatalities in Turkey and Syria. The 7.8-magnitude quake has left hundreds of thousands of people without shelter, food, and supplies during the harsh winter, making it one of the deadliest earthquakes since Fukushima in 2011.
Although the global response to this natural disaster was swift, the traditional methods of providing aid, such as cash donations, proved to be insufficient in some cases due to logistical challenges and bureaucratic obstacles.
This is where blockchain technology and cryptocurrencies come in handy. crypto offers a faster, more efficient, and more transparent way of delivering aid to those affected by the earthquake.
For instance, Crypto exchanges including Binance, Gate.io, and Bitfinex have said they are looking for ways to send support or have started prepping aid packages. Crypto exchange BitGet has already pledged 1 million Turkish Lira (around $53,000) for humanitarian aid, while Huobi Global has promised 2 million lira.
A number of other cryptocurrency firms, such as Tether, OKX, and Kucoin, have promised to donate more than $9 million to support those affected by the large earthquakes.
Crypto donations to Turkey's earthquake relief efforts now amass $2m, only a few hours after the wallets were set up https://t.co/rLKbAwTvld pic.twitter.com/bkMMLWnxrU— ekin (@eking0x) February 7, 2023
The use of cryptocurrencies ensured that the funds raised were transparently managed, with donors able to track their contributions in real time.
Avalanche Foundation alone contributed $1 million in AVAX tokens for the fundraising effort.
The Avalanche Foundation has donated $1M in AVAX to the disaster relief efforts, organized by @haluklevent, for the earthquake that has affected Turkey and Syria. We encourage others to join the effort. https://t.co/Inr7oLX28q— Avalanche ? (@avalancheavax) February 7, 2023
Tron founder Justin Sun pledged to donate $1 million in TRX from the Huobi Global cryptocurrency exchange, adding his name to the growing list of founders and firms donating to disaster relief.
.@ParibuCom, Türkiye'deki en saygın yerel kripto para borsalarından biri ve Türkiye'deki deprem için bağış kampanyalarını destekliyorum. Ben şahsen @HuobiGlobal 'den 1 milyon #TRX bağışladım. bağış yapmak istiyorsanız bu iyi bir seçim. https://t.co/6N5IbqTvfS https://t.co/2hM9StJ0Ew— H.E. Justin Sun?????₮ (@justinsuntron) February 7, 2023
Binance, the world's largest cryptocurrency exchange, has pledged to donate $5 million in cryptocurrency to disaster victims. Binance will give away $100 in BNB, the exchange's native token, to all users in earthquake-affected areas. Binance Charity has also launched a public donation address, Emergency Earthquake Appeal, where people can send funds in various cryptos, including BTC, ETH, BNB, BUSD, and XRP.
Vitalik Buterin, the co-founder of Ethereum, donated 99 ETH to Ahbap Earthquake Support in response to the recent disasters in Turkey and Syria.
The ETH transfer was confirmed by transaction data, and the recipient wallet contains approximately 393 ETH ($600,000) with a total value of more than $1.55 million.
In conclusion, the earthquakes that hit Turkey and Syria were a reminder of the importance of fast and efficient disaster relief efforts. The use of blockchain technology and cryptocurrencies proved to be a game-changer in providing aid to the affected people.
These emerging technologies provided a more transparent, secure, and efficient way of delivering aid, which helped to address some of the logistical and bureaucratic challenges that traditional methods of aid delivery face.
As such, there is no doubt that blockchain technology and cryptocurrencies will continue to play a critical role in disaster relief efforts in the future.