China’s Ministry of Civil Affairs (MCA) has revealed that the government will implement blockchain into its charity tracking system. The government is planning on overhauling its current system and replacing it with a blockchain system next year.
Blockchain for Charity Tracking
China has continued to restructure its systems in order to accommodate blockchain. The move by China to implement blockchain as a charity tracker is the latest in a long line of plans to implement blockchain in the state level.
The Civil Affairs Ministry revealed that the blockchain system will take four years to be implemented. In addition, the Ministry explained that the blockchain system will be able to track charities and donations. Therefore, the proposed implementation will establish a transparent system.
Further, the government will be creating a charity organization information query system that cannot be manipulated. The query system will disseminate transparent reports on charity organization to the public.
China Still Dominant in Blockchain Development
A report showed that China-based Alibaba topped the list of companies with the most blockchain-based patent filing. In fifth place was China’s central bank the People’s Bank of China (PBoC) with 44 blockchain-based patents.
In another report, China’s Supreme Court revealed that its internet court will be accepting blockchain validated data as evidence.
Hence, it is quite glaring that China is ahead when it comes to blockchain developments and applications. The country has invested over $3.5 billion in blockchain in just under four years.
However, the country has not shown the same sort of devotion to cryptocurrency. Instead, China has dedicated a large chunk of its resources to cripple all cryptocurrency activities within its borders.
The clampdown on crypto activities in China led to the mass exodus of China-based exchanges to countries that are more receptive to cryptocurrency.
China to Launch State-Backed Coin / China Digital Currency?
Surprisingly, China is believed to be working on a state-backed digital currency that would improve its monetary system. The central bank is living no stone unturned as its plans on creating a system that would be efficient. If successful, China will be joining Venezuela as one of the few nations with a state-sponsored coin. However, recent reports revealed that Venezuela’s Petro has struggled to live up to the hype.
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