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Chinese charity will accept donations via Blockchain

13 Sep, 2018
by Manon Bridou-Koenig
News
Chinese charity will accept donations via Blockchain

Revealed by the Ministry of Civil Affair in an action plan, the Chinese government intends to implement blockchain technology into the restructuring of the charity sector especially the charity tracking system.

While Crytpo is still banned in China, the MCA’s four-year project, is proposing to :“explore the use of blockchain technology in charitable donations, charity tracking, transparent management” .

The Ministry of Civil Affairs has further stated that the pool of experts and blockchain technology veterans working on the project would not only build the blockchain technological system for tracking donations but also : “build a tamper-proof charity organization information query system and enhance the authority, transparency and public trust of information publishing and search services.”

Charity donations is a sector that most governments have left to private entities with little or no regulations which can give room for misappropriation of funds or fraud, but, with this plan, the ministry notified provincial and municipal agencies that the blockchain network will integrate existing government charity databases at all levels with online donation services operated by the private sector. In this way, data on charitable donations made through a variety of services will become visible to the public faster using a distributed network.

This new tracking project of MCA if adequately executed would adequately answer the recurrent question of the public “where does our money go ?”

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