Alibaba Affiliate Taps Blockchain for Charity Payments
Alibaba affiliate Ant Financial has created a private, proof-of-stake blockchain that seeks to help make charities more transparent and accountable. The news comes just months after Ant Financial closed a $4.5bn private fundraising round at a $60bn valuation. Ant Financial was spun out of China-based e-commerce giant Alibaba prior to its 2014 IPO, though both are overseen by executive chairman Jack Ma. The trial is envisioned as one that could come to record donations made by Alipay users to charities through its “Ant Love” platform, Bloomberg reports, a move that may ultimately allow....
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Alibaba's introduction of tamper-proof Blockchain technology to improve accountability in the Chinese charity industry will boost the trend, particularly among other organizations. The Xinhua News Agency reported that Chinese philanthropy rose 10-fold to $15 billion in the decade through 2014. This has been marred with several cases of scandals hence this move by Alibaba, the world’s most popular in e-commerce market, controlled by Chinese billionaire Jack Ma. Ant Financial, the affiliate of Alibaba Group Holding Ltd, is handling the new initiative aimed at tackling misuse of funds and to....
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In February, Bitcoin Magazine reported that Alipay, an online payment platform of the Chinese e-commerce corporation Alibaba Group Holding Ltd., had announced a project based on blockchain technology and cloud services. The announcement indicated the growing interest of Alibaba in distributed ledger technology. Now, it appears that the Chinese giant is gradually committing to the blockchain. Ant Financial, the Alibaba company that operates Alipay, is using distributed ledgers to transparently record transactions and improve the accountability of Chinese philanthropic organizations,....
The new blockchain solution created by Ant Financial will bring in transparency and accountability to philanthropic organizations and charitable institutions. 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....