FUZAMEI, a Chinese startup, has rolled out a philanthropy-focused blockchain-based platform for tracing and managing data.

Called “33 Charity,” the platform is created to support the transparency and effectiveness of businesses’ internal processes, involving charitable organizations, according to a press release issued on Feb. 7. The platform seems to be a shared network where companies can register, store, and manage data about individuals.

Enhancing the social trust system

Donors and recipients can make applications under their names, while medical institutions can apply for certificates of authority by identity authentication agencies to get signatures.

CA certificates include information about an entity or person, including their name, public key, contact details, and expiration date for the certificate. Such certificates help authenticate identities and link them to cryptographic key sets with digital certificates.

Simultaneously with the launch of its platform, FUZAMEI declared a 100,000 Chinese yuan ($14,280) grant for fighting against the prevailing outbreak of the coronavirus. The company donated 60,000 Chinese yuan ($8,500) of that amount on medical supplies. 

FUZAMEI had appealed for more than 300 blockchain patents, 295 of which were published, and eight of which were approved by last November.

Crypto and blockchain community-fighting coronavirus

Major crypto exchange Binance pledged to grant 10 million Chinese yuan ($1.44 million) to help thrust back against the disease.

Blockchain marketing service firm Krypital also started a charity donation attempt to receive medical supplies for Wuhan coronavirus victims and declared that it would build a blockchain-based donation system that enables for greater efficiency and transparency.

Hyperchain also declared the launch of its blockchain-enabled platform to battle against the coronavirus epidemic. It will work as a medical supply donations portal to assist hospitals in central China.

Blockchain’s potential to assure more favorable, more equitable assistant and distribution of granted funds have been recognized by leading organizations across the globe, including the Red Cross, the United Nations, and the World Wildlife Fund. The coronavirus case is just a local instance of how efficiently blockchain has been helping raise charitable donations in recent years.