Chinese Giant Alibaba Introduces Public Welfare Blockchain Industry Standard at Alibaba 95 Charity Week

At Alibaba 95 Charity Week, Alibaba and Alipay launched “Transparency Digital Construction” to build a public welfare project rating system.

By · Sep 6, 2020 . 7min read

Alibaba group news
Source : IStock

The “Charity Chain Technology and Application Specification” group standard, proposed and jointly drafted by the Alibaba Charity Foundation, was officially released at the Alibaba 95 Charity Week offline forum held in Beijing on September 5. As per local reports, this is the first domestic public welfare Blockchain industry standard. Consequently, the Alibaba economy public welfare platform also originated a certain action, “Transparency Digital Construction” to collectively develop a public welfare project rating system. It issued an A100 initiative to the industry to operate on philanthropic projects.

The standard includes over ten particular implementation standards over three categories. The three categories include the technical requirements for public welfare project deposit certificates, application requirements for public welfare organizations and project implementation. It also provides information protection requirements. The initiative aims to promote the efficiency and transparency of public welfare projects.

Alibaba and Alipay’s Transparency Digital Construction

Alibaba and Alipay’s public welfare platform collectively introduced the “Transparency Digital Construction” special action for the Alibaba economy public welfare platform. The Alibaba economy dual public welfare platform will also introduce all the complete process’s technical capabilities. Moreover, there are no barriers on the road to public welfare.

In 2019, during the 95 Charity Week, it had launched the “Chain Charity Plan”. The aim was to develop a transparent charity infrastructure based on Blockchain and make it accessible to the entire industry. Over 60% of the donations from the Chain Charity Plan are available on the chain. Therefore, a donor can track the donations made by him and also receive feedback from the beneficiaries. This will help in echoing kindness everywhere. Moreover, the China Patent Protection Association ranks Alibaba Group first in respect to world’s Blockchain authorized patent rankings.

Alibaba Group’s partner and chairman of the Alibaba Charity Foundation, Sun Lijun, also proposed other platforms and institutions to work collectively. It intends to develop more useful projects. Approximately 50 charity foundations have acknowledged and will constantly go online concerning the Charity Chain Technology and Application Specification.

Globally, Alibaba Group has always proved its vitality in the field of Blockchain technology. This year, Alibaba Group’s Ant Financial signed a deal with COSCO Shipping. It intends to explore Ant Blockchain technology for the global shipping industry. COSCO is the third-largest container shipping company globally. Additionally, the companies inked a similar agreement with the China Merchants Port group. Moreover, it also joined the IPSCA (International Port Community Systems Association’s) blockchain bill of lading initiative.

Follow Cryptodose for more updates.

         All News