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China Eyes Blockchain to Rebuild Trust in Charities

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China blockchain

For years, there’s been public distrust toward charitable organizations in China.

In recent years, online scandals have done a good bit of damage and distrust.

“People have had doubts for a very long time,” once noted the director of the Nongovernmental Organization Research Center at Tsinghua University in Beijing. “The issue is public trust or accountability of charities, the accountability of philanthropy organizations in China.”

But that could soon change thanks to blockchain technology

In fact, the country has plans to adopt blockchain technology for an upgrade of its current charity tracking system.  They’re hoping it’ll bring greater visibility to charitable organizations.

The Ministry of Civil Affairs will decide by the end of 2018.  They also hope to complete the project by 2020.

As part of the plan, the ministry has 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, notes Coin Desk.

By doing so, all charitable donations will become visible to the public.

That should help rebuild trust.  Or, at least that’s what is hoped.

Blockchain Helps Build Trust

What we have to consider is that blockchain increases trust and reliability.

“Blockchain’s really about trust in data and business processes,” said Ramesh Gopinath, vice president of blockchain solutions at IBM, as quoted by CNBC. “When you have to rely on data, four or five hops upstream, you have to have a reason to trust it and blockchain provides that.”

In addition, it’s being touted as faster and much more secure by companies pushing everything from health records to marijuana.

Companies likes Amazon, Microsoft, and Facebook are exploring ways to use the technology.

Companies and governments around the world are exploring its use.  Market intelligence firm IDC says global spending on such solutions could more than double to $2.1 billion this year.  However, according to analysts at Cowen, full adoption is still nearly six years away.

 

 

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