Alibaba, Tencent and Qingsongchou are among growing numbers of Chinese companies to have integrated blockchain into their philanthropic efforts, aiming to increase transparency and restore public trust in the sector after a number of scandals. The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. The technology has helped smaller organisations get access to funds, given ordinary people more control over charitable causes and, for the first time, enabled independent public fundraising. However, headwinds remain, including verifying the credibility of data entered into the blockchain.
Alibaba, Tencent and Qingsongchou are among growing numbers of Chinese companies to have integrated blockchain into their philanthropic efforts, aiming to increase transparency and restore public trust in the sector after a number of scandals. Donors are able to track their donations using blockchain and know that their money is going where they intended it to. The technology has helped smaller organisations get access to funds, given ordinary people more control over charitable causes and, for the first time, enabled independent public fundraising. However, headwinds remain, including verifying the credibility of data entered into the blockchain.