Monday, July 15, 2019

China Will Track Charity Donations With Blockchain By 2019

The Chinese government through the instrumentality of its Ministry of Civil Affairs (MCA) intends to implement blockchain technology into the restructuring of the charity sector especially the charity tracking system. This was revealed by the MCA in its action plan on Monday, September 10, 2018.

The MCA Agenda

Undoubtedly, the Ministry of Civil Affairs in China has several agenda, but the most recent of the plans, which is the blockchain technology project is as embarked on at the state level. The MCA’s four-year project, which is expected to extend to 2022, is proposed to; “explore the use of blockchain technology in charitable donations, charity tracking, transparent management” and in other sectors as well.

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.”

The blockchain technology will be prioritized in the MCA agenda, the system designated to trace charity donations should be developed and upgraded before the year runs out. The plan further corroborates that the blockchain technology component is chosen to “complete the new round of the ‘Charity China’ platform’s upgrade.”

China and Blockchain Adoption

The Chinese government and the word blockchain can almost be used interchangeably, as its government, despite several bans on cryptocurrency startups and its market in general, could not hide its biases for the Fintech by adopting it in various sectors and filing several patents for the emerging technology.

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It was reported earlier this week that the popular social network WeChat banned all the sales channel of Bitcoin (BTC) mining giant Bitmain, this application of stringent measures must have been caused due to demands to how cryptocurrencies can be promoted from Beijing late last month.

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Almost concurrently, the Supreme Court of China made a ruling which makes blockchain technology evidence not only admissible in legal disputes but also granting it legal force. The position of the Chinese government though tilt towards the blockchain and not attracted to the cryptocurrencies however appealing it is, is still not totally decisive.

The Charity donation aspect of the economy is a sector that most governments have left to private entities with little or no regulations which often give room for misappropriation of funds and fraud, but cases of arrested rogues are not frequently reported as there is no efficient mechanism to this effect. This new project of MCA if adequately executed would adequately answer the recurrent question of the public; “where does our money go?”

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Adedamola Bada
I'm Damola, a computer engineer from Obafemi Awolowo University. A crypto enthusiast, marketer, and writer who is seeking to achieve career excellence through hard work and positive contribution to the organization that aspires for excellence. Contact me on [email protected]
 

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