A Chinese startup has introduced a blockchain based donation tracking platform to improve the transparency and efficiency of donations. The new platform came into light because several traditional platforms had failed to distribute resources to people in need.
‘Shanzong’ is a dedicated platform that tracks what kind of donations are given and how they can be matched to areas in need and when they have been delivered. The initiative is backed by a blockchain startup known as Hyperchain and China Xiong’an group.
Recently, several scandals had broken out concerning the handling of public donations of aid and this led to the interruption of aid from several state-backed charity organizations. Also, several hospitals had reported the shortage of masks used by front line medical personnel while they treat patients.
“Shanzong guarantees the authenticity of donation information by putting it on the blockchain, which then cannot be changed or deleted,” stated a Hyperchain company spokesperson.
Blockchain technology works as a distributed ledger where each participant can share, synchronize and authenticate information. The decentralized mechanism allows for a tamper-free and secure environment that’ll help in moving funds and other resource materials without any scope for scandals.
The outbreak of Coronavirus urged several startups and companies to push their limits in blockchain, AI and robotics to better detect and respond to the deadly disease. The country’s AI champions Megvii and Baidu have also supported the cause by rolling out advanced temperature screening systems in several Beijing railway stations.
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