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Free blockchain,US media: Chinese charities increase transparency through blockchain

Time : 24/05/2022 Author : 51ie46 Click : + -
        Philanthropy in China is developing rapidly. According to the "2018 World donation index" released by the British charity aid foundation, the number of charitable donations in China has ranked the third in the world. However, with the expansion of philanthropy in China, the issue of transparency has also aroused controversy. Online charity fundraising is often troubled by problems such as fraud and misappropriation of charity funds. Obviously, China's philanthropy needs to be more transparent, and the blockchain comes in handy. In a 2018-2020 action plan issued by the Ministry of civil affairs of China, blockchain has been positioned as one of the solutions to improve the transparency of social services and track charitable donations. For example, a medical donation platform called "easy funding" is using blockchain to create an "autonomous and decentralized" community composed of social entrepreneurs and social groups by authorizing small and micro social groups to use its digital fund-raising platform for free.
        Among them, social groups use the Pingli to launch fund-raising activities, but only the beneficiaries can obtain donations through transfer. In addition, ant financial, a subsidiary of Alibaba, launched the "public welfare program on the chain" (COC), providing a free blockchain donation platform for charitable organizations. Alibaba said it would use COC to track donations to prevent donors from cheating or charitable organizations from manipulating donations. China is embracing blockchain technology and leading the world in improving charity transparency through the practical application of this technology. (translated by Ding Yuqing).
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