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China Turns to Blockchain to Leverage the Existing Charity Tracking System

China Turns to Blockchain to Leverage the Existing Charity Tracking System

Reading Time: 2 minutes by on September 12, 2018 Altcoins, Blockchain, Business, Finance, News, Tech
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The Chinese continue to march forward in their mission to imbibe the blockchain technology into their economy, with the latest development being a Chinese government agency’s plan to utilize distributed ledger technology(DLT) for social services. Per an action plan published by the Chinese Ministry of Civil Affairs on September 10, 2018, Chinese authorities are determined to use the blockchain technology for an upgrade of its existing charity tracking system. This development is expected to bring transparency about public donations.

Blockchain for Social Welfare

The building blocks of blockchain technology revolve around the promise of security, transparency and quick speed. Hence, it comes as no surprise that the revolutionizing 21st-century technology would find a place for itself in the field of social welfare.

An action plan for 2018-2022 released by the Chinese Ministry of Civil Affairs sheds light on some domains where the emerging technologies can be deployed to improve the transparency of social welfare activities.

The detailed plan states that the ministry will explore blockchain’s potential in leveraging the current political donation system by the end of 2018 – while the project is expected to be completed by the year 2020.

Reading through the plan, it can be inferred that the ministry has already informed the municipal and state authorities about the upcoming blockchain adoption. The distributed ledger technology will play the role of a catalyst to link the current government donation databases with internet donation services offered by the private sector.

China Sees Steep Rise

While the $12,000 billion economies have maintained its distance from cryptocurrencies by instructing several social media apps and search engines not to promote crypto activities, it has displayed an opposite attitude towards the blockchain technology. The country has embraced the technology with arms wide open, evident by massive investments are undertaken by government authorities.

BTCManager reported on August 14, 2018, that the Chinese I.T. Ministry had devised plans to accentuate the development of blockchain industry in the country. The government body has asked the provincial financial authorities to speed up the process of creating a healthy, orderly, and fair market for companies.

On a similar note, Nanjing, the capital city of China’s Jiangsu province, announced the launch of a substantial $1.5 billion fund to foster an environment that would encourage technological start-ups to delve more into the DLT and come up with innovative solutions.

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