Zhejiang Provincial Department of Finance took the lead in donating electronic bills on the blockchain, and Ant Financial provided technical services

Source: Ant Financial

How charitable foundations dispose of donations from caring people has always been a concern for donors. Today, Zhejiang is once again testing high-tech in the transparency of charitable funds and submitting papers in advance.

On February 27th, the Zhejiang Provincial Department of Finance and Ant Financial took the lead in donating electronic bills on the blockchain. The first five public welfare organizations in the province responded positively, including the Charity Federation of Zhejiang Province, the Women's and Children's Foundation, the Youth Development Foundation, the Smile Tomorrow Charity Foundation, and the Caring Cause Foundation. The ecological closed loop of documenting the circulation process and tracing the source of information. As a result, Zhejiang Province used blockchain technology to implement an upgrade of the public welfare supervision mechanism.

At present, socially-loving people can directly generate electronic donations of real-name donations after completing donations through online methods such as Alipay, and check and verify at any time in the "Zheli Office" App. Public welfare charities no longer need to issue bills manually and mail them to users, which greatly improves the efficiency of issuing and delivering donation bills.

During the epidemic prevention and control period, the demand for Zhejiang's donation bills increased sharply, but the traditional method of billing was slow, cumbersome procedures, inefficient management, and it was impossible to provide donation and supervision.

"By chaining the bills, Zhejiang Province realizes that every donation must be issued, and the bills correspond to the income of non-profit organizations. The flow of funds and bills are merged into one, which opens up the entire flow of donation and donations. While improving efficiency, we will ensure that each donation is true and credible, and enhance the trust of donors. "Ye Shibao, director of the Electronic Bills Center of Zhejiang Provincial Department of Finance, told reporters that in the next step, the Provincial Department of Finance will also cooperate with the tax department. Based on the donation of electronic bills on the blockchain, an innovative tax deduction mechanism is implemented to achieve rapid deduction of corporate and personal income tax after donations.

The reporter made a donation on Alipay.com, selected the corresponding public welfare project, clicked "donate another", and after completing the payment, the payment success page displayed "Apply for a donation note", and the relevant invoice was issued.

Screenshots 2020-03-03 PM 2.01.14

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