Sep 12, 2018 05:27 UTC
Sep 12, 2018 at 05:27 UTC
Charity Donations to Be Tracked By the Chinese via Blockchain Technology
When you donate for a cause, you want to know where your money will end up. In order to improve the transparency, China is planning to implement blockchain technology in its charity tracking system.
According to the Ministry of Civil Affairs (MCA) of China, blockchain technology will improve the current charity tracking system and will bring a transparent, conducive, fair, and reliable atmosphere for public donations. Other than China, several other organizations and charities all over the world are adopting blockchain technology to improve transparency and track and transfer funds quickly.
China is planning to build a temper proof charity organization information query system and enhance the transparency, authority, and public trust in information publishing and search services. MCA has released its four years action plan for 2018-2022 to use the blockchain technology to improve the transparency and public trust in charities. MCA has discussed various ways which the country can use to improve its social service activities via the internet and other latest technologies. By end of the year, monitoring and tracking systems of charitable organizations will be upgraded to blockchain technology. The move of upgrading charity tracking system comes at a time when charity activities of China have been mired in controversy after several online scandals in recent years. Scandals in charitable organizations have led to public distrust of the system. MCA has already notified the municipal agencies that in the coming months with the help of blockchain technology all government charity databases will be linked to online charity services run by private charity funds. Thus all the data available on charitable donations will become publicly available via the distributed system. This move by MCA will help to rehabilitate Charity sector in China.
Other than traditional organizations, e-commerce giant Alibaba and Tencent are already running their charity services based on blockchain technology to bring visibility into charity disclosures, donor histories, etc. Despite the on-going crackdown on cryptocurrencies, the Chinese government is planning to surface various blockchain plans to improve the social service sector in China.