Alibaba Group Holding Ltd, a subsidiary of ant finance is using bitcoin technology to record transactions, while improving the accountability system of charitable organizations.
The company began to use block chain technology tamper proof ledger to record (based on Alipay users more than 400 million users online payment and investment services) the number of donations. Technical director Li Cheng said, Love Ant charity platform donors will be able to track the history of the transaction, and the whereabouts of their own funds and the use of the situation will have a more clear understanding. This makes it difficult to modify records, and may be helpful for many years of lack of trust.
China's philanthropy has risen 10 times in ten years, reaching $15 billion in 2014, according to the Xinhua news agency. However, the industry has been the existence of the problem of poor management and tattle and prate. China Southern Morning News reported that in a high-profile case, the country's anti-corruption watchdog investigation of the hope of the parent company's illegal behavior. Since 2011, a woman claiming to belong to the Red Cross Society of luxury photos of life, the Chinese Red Cross has been highly anticipated. The charity has so far denied that she is a member of the Red Cross.
Li Cheng said that this is the reason why Zhejiang ant small and Micro Financial Services Group Co., ltd.. The project was kicked off with the Chinese social assistance fund, as many large charitable organizations consider the object of cooperation. The company will be the program called Love Ant milestone, has been connected to the user and more than 1 thousand charitable organizations, as of the end of last year, the amount of donations over 600 million yuan.
"We want the charity to be more transparent, and the dispersion of the block chain can be a good fit," Li Cheng said in a telephone call. "This means that all the information and transaction records of the fund will be more reliable and less likely to be tampered with."
It might just be the first step in the charity organization. The company, including Citigroup and JP Morgan chase, is now testing the block chain. Financial institutions are studying how to set up so-called smart contracts, which can automatically react to events. The ledgers can prevent hackers to control personal computer into the network so as to ensure the safety. In addition to charity, the Ant King service is also studying other applications of distributed ledger.
The world economic forum has identified block chain technology as one of the six major trends in computing, and will have a huge impact on the world over the next ten years. It is estimated that by 2027 the gross domestic product (GDP) of the 10% assets may be stored in the block chain.
"Ant King service began in charity in the test block chain technology is very wise," said Ma Haobo, founder of Beijing Hoopox (a chain of the use of the block chain of intellectual property securitization) company. "If you really have a career, the company should start thinking about how to apply this technology to other financial areas."
The original project of the Ant King service is the use of private block chains, which currently only have access to access. Li Cheng said the company plans to open ledger for charity organizations and auditors in the future.
"Ant King services using block chain technology for a downturn in the industry is very great transparency," says Guo Chandler, an investor in digital currency startups. "The key challenge is whether they have the right talent and the implementation strategy."