Chinese startup FUZAMEI has rolled out a philanthropy-focused blockchain platform for tracking and managing data.
Chinese startup FUZAMEI has rolled out a philanthropy-focused blockchain-based platform for tracking and managing data.
Dubbed “33 Charity,” the platform is designed to boost the transparency and efficiency of businesses’ internal processes, including charitable organizations, according to a press release published on Feb. 7. The platform appears to be a shared network where organizations can register, store and manage information about individuals.
Improving the social trust system
Donors and recipients are able to make requests under their own names, while medical institutions can apply for certificates of authority through identity authentication agencies to obtain signatures.
CA certificates contain information about an entity or person, including their name, contact details, public key and expiration date for the certificate. Such certificates help verify identities and link them to cryptographic key pairs with digital certificates.
Along with the launch of its platform, FUZAMEI announced a 100,000 Chinese yuan ($14,280) contribution for fighting against the current outbreak of the coronavirus. The company spent 60,000 Chinese yuan ($8,500) of that sum on medical supplies.
FUZAMEI had previously told Cointelegraph that it had applied for more than 300 blockchain patents, 295 of which were published, and eight of which were authorized by last November.
Crypto and blockchain community fighting coronavirus
Major crypto exchange Binance pledged to donate 10 million Chinese yuan ($1.44 million) to help push back against the disease.
Blockchain marketing service firm Krypital also launched a charity donation effort to acquire medical supplies for Wuhan coronavirus victims, and announced that it will create a blockchain-based donation system that allows for greater transparency and efficiency.
Hyperchain also revealed the launch of its blockchain-based platform to fight against the coronavirus epidemic. It will serve as a medical supply donations portal to support hospitals in central China.
Blockchain’s potential to ensure fairer, more equitable aid and distribution of donated funds has been recognized by leading organizations around the world, including the United Nations, the Red Cross and World Wildlife Fund. The coronavirus case is just a local example of how effectively blockchain has been helping raise charitable donations in recent years.