Crypto companies have always been active on the philanthropic front, and the community at large has invested a lot of resources for sustainable development. Social responsibilities have been duly carried on, giving back the society from the tangible and intangible benefits the companies get.
Industry giants like Binance have created their own philanthropic arms, and hence pushing for social causes even harder. This has encouraged many other companies to take initiatives to give back to society. One such crypto company is Ontology, which has taken heavy steps in the field of social service. On Friday, the company tweeted that it is collaborating with the Chinese NGO Shanghai Qinguye.
— Ontology (@OntologyNetwork) May 3, 2019
The company also shared a blog posted on medium.com, informing more about the partnership, and its goals and objectives. The partnership will see Ontology work towards ‘Green Finance’ and “work out a trusted solution for environmental information in the area of green finance using Ontology blockchain technology.”
According to the United Nations Environment Council, “Green financing is to increase level of financial flows (from banking, micro-credit, insurance and investment) from the public, private and not-for-profit sectors to sustainable development priorities.”
The blog further stated,
Using Ontology’s blockchain technology, Shanghai Qingyue can put data of their businesses on the chain, allowing for data collaboration and business innovation. At the same time, data owners are able to authorize business organizations or research institutions to authenticate data ownership. With the help of Ontology’s distributed data exchange protocol, individuals and institutions will have easy access to on-chain data packages for a certain data use fee.
The Shanghai Qingyue NGO works towards providing big data to over 1,500 research institutions, focused on environment protection. Commenting on its role, the Ontology platform stated,
Ontology will use its technology to help Shanghai Qingyue create a trust collaboration platform for relevant stakeholders, which will help reach more users at home and abroad faster, and provide the infrastructure for the development of green finance.
The trend of Corporate Social Responsibility (CSR) is gaining traction all across the world. Earlier in the year, the technology behemoth IBM decided to create a blockchain-based solution to tackle the evil of counterfeit medicine in African countries. Last month, crypto exchange Huobi and digital token Dogecoin came together to raise funds for Grateful Dog Rescue, a San Francisco based dog rescue and sheltering organization.