China’s Alibaba Group today announced a blockchain-based platform for charitable organizations. ‘Charities on the Chain’ (CoC) was launched during Alibaba’s annual Philanthropy Week.
CoC is an open platform developed by Alibaba’s Philanthropy arm and Ant Financial’s blockchain team. The aim is to provide transparency for charities, donors and beneficiaries and keep track of donations. Donors can also view where their donations were used.
In the fiscal year 2019, Alibaba said it had recorded a total of 9.1 billion charitable donations and expects CoC to handle RMB200 million ($27.9 million) by the end of this year. The company plans to shift all its charity projects on the CoC platform. It’s providing it free of charge to charities.
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