Lulu Yilun Chen
31 JUL 2016
Chinese billionaire Jack Ma wants to pry the lid off China’s opaque charities. Ant Financial, the affiliate of Alibaba Group Holding Ltd. he controls, is using the technology behind bitcoin to record transactions and improve the accountability of the country’s philanthropic organizations.
The company began a tamper-proof ledger based on blockchain technology to record donations made by its more than 400 million users of Alipay, the online payments and investment service. Donors on its “Ant Love” charity platform will be able to track transaction histories and gain a clearer understanding of where their funds go and how they’re used, Chief Technology Officer Cheng Li said. That makes it tougher to alter records, and may help restore some of the trust that’s been squandered over the years. Read more.