02-13-2020 icon

IOST Partners Chinese Authorities to Fight Coronavirus with Blockchain Technology

By Sagetwriter

AIOU, a project of the IOST cryptocurrency ecosystem, has developed a blockchain solution to ensure transparency and accountability in the activities of charity organizations involved with the coronavirus epidemic.

The Coronavirus has plagued China for about a month, with individuals, health institutions and various agencies trying to curtail its spread. However, there are issues of inefficiency and lack of credibility in the process of these charity donations.

In response to these issues, the AIOU in partnership with China Enterprise Federation, China Software Association, Ningbo and Changsha local governments, has launched a blockchain-based solution dubbed Charity Information Disclosure Platform to promote the transparency of charity organizations and contribute to the prevention and control of the virus.

According to the development team, the Aiou Charity Information Disclosure Platform will improve transparency for charities using blockchain technology. This will be achieved by recording all donations, relief materials and distribution data on the blockchain’s distributed ledger.

Additionally, I donors and recipients can be effectively connected and everyone can check the flow of donated materials.

The platform will also utilize blockchain smart contracts to solve problems such as complex processes and black box operations in traditional charity projects. These smart contracts can efficiently update real-time donation information and accurately execute each donation.

IOST explained:

A good number of institutions are on the Aiou information disclosure platform. Whenever an organization wants to donate materials or funds to a certain charity, they just need to register on the platform and then they will be able to see the entire donation details, including materials reception and distribution.

The cryptocurrency and blockchain community has continued to show support for victims of the coronavirus, through solutions and crypto donations to affected regions in China; as the industry maintains its humanitarian aid record.