IOST x Mantra

IOSTAnnouncements, Ecosystem, News, partnership1 Comment

On September 10, the Chinese Ministry of Civil Affairs issued the “Internet + Social Organization” action plan for 2018-2020, which included a section that stated in order to promote unified and transparent inquiry of charitable organizations, it will explore blockchain technology in charitable donations, charity tracking, The use of transparent management and other plans, and plans to upgrade the existing charity tracking system by the end of 2018, with a move to blockchain completed in 2020.

The authenticity and transparency of charitable activities have always been a hot button issue in Chinese society. Every charity represents the unselfish love and goodwill of the public. However, once bad actors are encountered and a seed of doubt is placed, the blow to all charitable organizations is devastating. In China, domestic charity has been controversial since the 2011 Guo Meimei incident. Now that seven years have passed, the Red Cross in China still hasn’t regained the people’s trust, and the seeds of public concern about charities have not been eradicated.

Blockchain technology offer a strong possibility of alleviating the public mistrust problem. By placing financial information on a blockchain, the openness and transparency brought by the technology will ensure that donors can clearly understand where the money they donate goes; the non-tamperable features also ensure that the information is permanently stored.

As a public chain project, IOST also pays attention to the impact that blockchain technology will have on charitable activities, and has been working hard to promote blockchain’s many uses for charitable organizations. Recently, IOST has reached a cooperation with the public interest brand Mantra. In the future, IOST will provide technical support for Mantra, and will help to make Mantra’s donation information and fund usage publicly available through an information query system in order to build a tamper-proof, trustless and transparent charity infrastructure. 

Mantra was founded in Beijing, China in 2016. It combines Tide brand sunglasses with public welfare. By practicing the “buy one donate one” business model, every time a pair of glasses is sold, it provides a complete set of vision solutions for children in need.

The cooperation between IOST and Mantra is a strong example of the many use cases for blockchain technology in the field of charity. In the future, IOST will seek to cooperate with more charity projects in order to create a more transparent and tamper-proof charitable infrastructure. We aim to help rebuild the public’s trust in charitable organizations, demonstrate another strong use case for blockchain technology, and inject new vitality into the two industries.

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