Reportedly the world’s largest volunteer service platform, Zhiyuan Hui, has announced its partnership with crypto startup EveriToken.
Chinese non-profit Zhiyuan Hui — reportedly the world’s largest volunteer service platform — has announced its partnership with token economy infrastructure firm EveriToken. The news was announced Jan. 12 in an official EveriToken blog post.
As of December 2018, Zhiyuan Hui reportedly serves over 430,000 non-profits, and its 71 million users are reported to have worked over 100 million service hours via its platform. According to the blog post, the United Nations-issued China Volunteer Service Economic Value Measurement Report has valued the platform at over $500 million.
In order to manage this astonishing volume of users and service hours, Zhiyuan Hui has reportedly decided to build a transparent volunteer tracking platform on the EveriToken public blockchain.
Via the new system, governments, enterprises and non-profits will be able to award an estimated almost one million volunteers per day with “Yi Coin” points in exchange for their volunteer activity and service hours.
Volunteer data will be recorded on-chain onto what EveriToken terms an “open public welfare ledger.” The blog post continues to outline that:
“[T]he everiToken-based system provides audit trails for various stakeholders with access rights, including governments and funders, eliminating the possibility of fraud for the various poverty alleviation projects and government foundation subsidy programs managed by Zhiyuan Hui.”
Yi Coins can reportedly already be used to buy basic goods — such as food, electronics and hygiene products — from almost 100 unmanned retail locations, using EveriToken’s micropayments solution.
At press time, Zhiyuan Hui has not responded to Cointelegraph’s request for comment on the partnership.
As previously reported, the benefits of distributed, transparent ledgers are being increasingly recognized in the public welfare and charitable sectors globally. Last month, the Irish Red Cross partnered to use blockchain in a new app that improves transparency for charitable donations. Also last month, Binance’s philanthropic arm launched its own blockchain-powered donation platform.
Source: , CoinTelegraph
Articles listed with Cash Tech News as the author are either general information, or may have been imported from another website, to bring our readers a rich media experience that encompasses articles that we find interesting, as well as those curated by others.
The views and opinions expressed here are for informational purposes only, and should not be confused with professional financial advice. These opinions are solely those of the author and do not necessarily reflect the views of CashTechNews.com. Every investment and trade involves risk. You should conduct your own research, and contact your professional financial advisor before making any investment.
Corrections, feedback, and ideas should be submitted through the website contact form.