The pandemic, COVID-19 has impacted all kinds of businesses both physically and virtually, but the effect is not uniform in certain aspects. Blockchain technology can play a pivotal role in minimizing the impact of COVID-19 crisis by using digital transforming initiatives and solving the current uprising problems in system.
Many sectors are badly hit by COVID-19 but there are some gaps which can definitely be filled using the blockchain technology and aid in the recovery process. Below examples can be considered to understand the benefit of blockchain technology.
Supply Chain: Most of the countries shut down operations and went into complete lockdown for managing the pandemic and due to this the global supply chain was largely impacted. Unprecedented demand for medical supplies was a major factor but most of the operations had to stop because of safety concerns. Most of the supply chains are not transparent with origin of source suppliers and their quality. Large supply chains needs to be forecasted and planned accordingly to omit any sort of discrepancies. Using blockchain technology, stakeholders from various parts can connect to the single supple chain and this will provide a transparency to the system and also guarantee future security.
One such online platform, Alipay has been developed to cater supply needs and track donations of relief packages and help in allocation more efficiently.
Contact Tracing and Testing: In this critical situation, it has become a very tedious job to gather data and protect privacy. Using blockchain can do both and can efficiently monitor patients. Using the decentralized system network of blockchain system the patient will have control on their personal data and can use it in time of emergency. They can selectively share important information for COVID-19 mitigation while have a strong hold on their private data and other sensitive information. Recently, Genobank; a decentralized biobank is building a blockchain platform, Telos that will enable people to acquire anonymous COVID-19 tests and send that information to relevant organizations.
Relief and Insurance: Due to lockdown most of the physically operating business have been closed due to this, product in demand has plummeted. To stave off an economic downturn, providing loans can keep business afloat and using blockchain technology can be a lifeline to mitigate this problem. It can provide faster approval process, remove third party intermediaries & other inherent delays, and reduced the complicated application process and expedite rapid settlements. Hiang Hu Bao, a blockchain platform is used to make payments to people infected by COVID-19. It is a very transparent system where documentation is smooth and processing is quicker.
For most of the problems which has occurred due to COVID-19, blockchain proves to have a great opportunity. The investment pause and urgent prioritizations can be revived using blockchain. Benefits in terms of supply chain reliability, easy documentation and transparency in implementation can be achieved if blockchain technology is used.
To know more about blockchain implementation to boost your business, please email us at [email protected]