Chinese corporate giant Ant Financial, led by billionaire venture capitalist Jack Ma, is introducing blockchain technology to the Alipay donation application. The added feature will utilize a distributed ledger platform to record collected donations.
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Ant Financial’s Alipay Goes Blockchain
Ant Financial Services Group is a subsidiary of the Chinese Alibaba Group, and as of April 2015, the company is valued at over $60 billion USD.
In 2015, Ant rebranded the Alipay platform, and has since been trying to improve its payment system for Alipay’s 400 million users.
By adding blockchain technology to the donation section, charitable organizations and donors will be able to verify and observe all funds being donated. Ant, being one of the most highly valued tech firms in the world, believes this will add more transparency to philanthropic payments.
Ant Financial Chief Technology Officer Cheng Li told Bloomberg:
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.