NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Crypto Bulls Rejoice: Congresswoman Confirms Powell’s Imminent Firing
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Crypto Bulls Rejoice: Congresswoman Confirms Powell’s Imminent Firing

Ant Financial Creates Blockchain Solution for Philanthropy Sector

Gautham
Gautham
4 years ago
2 mins read
ant financial

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

The Chinese billionaire entrepreneur, Jack Ma has forayed in the digital currency technology arena. Ant Financial, one of the affiliates of Jack Ma’s Alibaba Group Holding Limited (NYSE:BABA)has been working on implementing blockchain technology in the non-profit and charity sector to bring in transparency and accountability.

The blockchain solution developed by Ant Financial is being used by Alipay to record all incoming transactions to the charitable and philanthropic organizations in the country through its payment service. Donations made to philanthropic organizations by over 400 million Alipay users will be recorded on this distributed ledger which can be accessed by the donors to track their donation history and the utilization of their funds.

In a statement, the Chief Technology Officer at Ant Financial, Cheng Li said,

“We hope to bring more transparency to charity and blockchain technology’s decentralized nature fits that purpose well… It means that all the information and transaction history of funds will be more reliable and can’t be easily tampered with.”

The company has kicked off the project by partnering with the China Social Assistance Foundation and it will be onboarding more organizations soon. The need for transparency in the charity and philanthropy sector is much needed. There are numerous occasions in both China and abroad where charities have misused funds for the benefit of its promoters. Recently, there have been investigations into potential mismanagement and corruption among few well-known philanthropic organizations in the country.

Ant Financial is currently using a private blockchain to record the transactions to charities. However, the company intends to make it accessible to charitable organizations, auditors and maybe even the public in near future.

While appreciating the initiative of Ant Financial, Chandler Guo, an investor in digital currency startup has expressed his concerns about the challenges and whether the company will be able to handle it.

“It’s great that Ant Financial is using blockchain technology to bring transparency to a murky industry that has operated like a blackbox… The key challenge is whether they have the right talent and execution strategy.”

Reports indicate that the company is using this blockchain based solution for charitable institutions as a pilot project and it may soon extend its services to mainstream banking and financial sectors. Ant Financial continues to explore various possible applications of blockchain technology and smart contracts.

Charitable and philanthropic institutions are just the tip of an iceberg. As more companies from across the industries rush to implement the distributed ledger technology, Ant Financial will soon be in a position to offer them the solutions they are looking for.

Ref: Bloomberg | Image: Ucreative
Tweet123Share196ShareSend
Gautham
Gautham

Gautham

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Deepseek crypto prediction despre proiecte cu potențial

Zilele trecute, Bitcoin a atins un nou maxim istoric de peste 123.000 de dolari, ceea ce a tras în spate...

Elvira C. 3 hours ago
MicroStrategy

Beyond MicroStrategy: Top 10 Crypto Treasury Stocks to Monitor

As Bitcoin and digital assets gain mainstream credibility, a new wave of publicly traded companies is turning to crypto treasury...

PR Desk 4 hours ago
Ethereum

Ethereum Rips Through Thin Zone: A Loud Move After Weeks of Silence

After weeks of whisper-quiet consolidation, Ethereum has finally found its voice, roaring through a historically thin price zone with conviction....

Godspower Owie 4 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Bitcoin

Bitcoin Next Key Level Is $136,000 If Momentum Holds, Glassnode Says

Keshav Verma 21 minutes ago
Bitcoin

Bitcoin’s Next Milestone: $250K In Sight After $120K Test, Analyst Says

Christian Encila 1 hour ago
XRP

XRP Becomes Top 3 Crypto After ProShares ETF Approval, Can It Flip ETH?

Scott Matherson 3 hours ago

Premium Sponsors

Press Releases

  • 2 kryptoměny s extrémně vysokým oceněním, které mohou stát za to riziko

    2 kryptoměny s extrémně vysokým oceněním, které...

    2 hours ago
  • 2 rendkívül magas árfolyamú kriptovaluta, amelyeket érdemes lehet kockáztatni

    2 rendkívül magas árfolyamú kriptovaluta, amelyeket...

    3 hours ago
  • 2 криптовалути с небесни оценки...

    6 hours ago
  • 仮想通貨プレセール|ビットコイン向け最速かつ唯一の本格レイヤー2が300万ドル突破

    ...

    6 hours ago
  • 2 rendkívül magas árfolyamú kriptovaluta, amelyeket érdemes lehet kockáztatni

    ...

    6 hours ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.