Alipay closed its’ first blockchain-based charity project with China Red Cross Foundation (CRCF) to aid aplastic anemia children in China.
The funding was initiated on 11th Dec and finished on 27th Dec, raising 180,000.56 RMB (~26,000 USD) from 37,968 donors. The money will be used to cover treatment of 6 children sickened by aplastic anemia with budget of 30,000 RMB each.
According to the CRCF report, blockchain technology has been fully integrated into the Love Donation platform of Ant Financial. The platform is open to publich welfare institutions. Contracted entity that has been audited may announce blockchain-based charity projects on a self-help manner. The “Say goodbye to aplastic anemia” is the first of such kind with partnership of CRCF.
The report also praise the merits of blockchain technology.
Blockchain, the immutable digital ledger technology, can minimize human errors and facilitate data summary and project implementation. At the same time, public display of money flow via third-party platform may help the public projects to gain more public recognition.
On the project page, users may click on the Donation Record to view the donor (name hidden except the family name), amount and timestamp of the donation.
It’s reported that after the funding closed, the appropriation of funds and timing of when the beneficiary receives the money would also be queryable.
Hu Ling, the Director of Crowdfunding Project Center of CRCF, told reporter: http://new.crcf.org.cn/html/2016-12/26581.html
“We choose to announce blockchain-based charity project, hoping to take the ride of technology revolution. We hope to gain more understanding and trust from the public by providing a intuitive experience on the execution of our projects.”
“The blockchain technology provides a solution for the implementation of charity projects. However the funding appropriation is not the end. We need to follow up the beneficiary’s situation so that the donors may get feedback. Such process requires more social involvement.”
The money raised may seem small but it’s a great step forward to present the public with blockchain technology. Alipay is the biggest online payment processor in China. As per the Annual Report of 2016 of Alipay released on Wednesday, there are now 450 million real-name users on the platform, accounting for over 50% percent of market share. More and more people pay via mobile phone and they can access the donation page directly from the app.
“The blockchain technology of Ant Financial continues to upgrade, which could be deployed on the cloud at the moment.”
Zhao Zunkui, Senior Architect of Ant Financial, told reporters,
“Ant Financial is building an open ‘trust chain’ , which is a cloud service that can provide credible databases, credible money transactions, trusted asset transactions, trusted link services, and credible public service. “
The blockchain service of Ant Financial will make it possible for non-traditional charity projects with various participants and complicated flowchart to raise funds online, solving the transparency problem of operation, financial and information disclosure.
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