Komal Joshi · Oct 24, 2020 . 6min read
Tencent Declares Adopting Blockchain Technology at its “99 Giving Day”
Tencent's 99 Giving day witnessed an increase in the amount of donations, further it plans to use blockchain technology to enhance transparency.
By Komal Joshi · Sep 11, 2020 . 6min read
Chinese tech giant Tencent, the owner of China’s messaging platform WeChat, has disclosed the utilization of blockchain technology in its annual internet charity campaign entitled “99 Giving Day.” The intention is to promote transparency in philanthropic drives and improve data traceability.
Tencent attempts to enhance sustainable development in the public welfare arena utilizing blockchain. This cutting-edge technology expects to drive transparency, embodiment, and public participation in the firm’s fundraising projects in the three-day online charity campaign that kicked off on September 7.
Tencent’s 99 Giving Day as Philanthropy Festival
According to Tencent public welfare data, the total amount of “99 giving day” project donations have risen from the initial 228 million Yuan to 2.49 billion, more than ten times higher in the past six years. In the same period, the Tencent charity platform drew more than 156 million participants. Given its rapid scale, growth rate, and influence, 99 Giving Day has transformed into a national goodwill and philanthropy festival for society.
According to Ge Yan, secretary-general of Tencent Charity Foundation, it has obtained comprehensive experience in applying blockchain technology. Thus, there is no nothing to stress about issues such as data tampering. The adoption of blockchain is part of a three-tiered strategy for Tencent’s philanthropical endeavours, particularly transparency, digitization, and ecological efficiency.
Tencent launched a tech support platform this year to help charity associates better leverage digital capabilities in implementing philanthropy projects. The Chinese internet giant declared a “Public Welfare SaaS Project”. It intends to open up internal technologies to outside associates via open-source cooperation, in an initiative to digitalize and move projects to the cloud. According to Tencent, some 50 organizations have already entered the collaboration. However, the number is expected to exceed 100 by the end of this year.
Earlier, China’s oldest wine producer Changyu collaborated with Tencent to develop a blockchain platform to help its business. Changyu and Tencent intend to build a high-end wine traceability platform utilizing Tencent’s Cloud Platform and its Lingyu blockchain technology. The technology will help trace all information on each bottle of wine. Each bottle will come with a ‘digital ID card’. Therefore, Chinese companies are actively participating in Blockchain adoption.
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