News: Ant Financial tests blockchain to improve accountability of philanthropic organisations.
Alibaba’s affiliate Ant Financial is testing out blockchain technology to build a more transparent process for money donations.
The group's charity platform, Ant Love, will utilise blockchain technology for tracking donations to one project being funded through the site.
It will record all incoming transactions to the charitable and philanthropic organisations in China via its payment service.
Donations made to philanthropic organisations by more than 400 million Alipay users will be recorded on the distributed ledger.
Donors can access the ledger to track their donation history and the utilisation of their funds.
Ant Financial's Cheng Li was quoted by City A.M. as saying, “We are trying to bring small and beautiful changes to users with this pilot.
“If used properly, the trust element in blockchain technology might help build a charity platform that is more trusted, open and transparent in the future.”
Ant Financial operates the Alipay payment platform and also runs the Sesame Credit credit rating system.
Alipay was rebranded as Ant Financial Services in 2015.