The immense effect of COVID-19 pandemic has shattered the entire world by its storm. Businesses are running low, schools and universities are closed, and the whole human race is locked inside their homes. While the current situation may present challenges to us, it is also going to unlock new opportunities and inventions. In this pandemic, people are seeking something that they can use to fight against Coronavirus, something safe, scalable, and immutable.
Many scientists, tech-giants, enthusiastic, and others are looking at the blockchain-based solutions as a panacea during this whole COVID-19 situation. There is already so much about blockchain technology that blows our minds. The Digital Ledger Technology (DLT) has become a buzz during the past few years. Widely recognized for introducing cryptocurrencies to us, blockchain has the potential to give us many more vigorous solutions.
Though, today’s most daunting challenges are not easy to tackle. But by providing resilience in the COVID-19 pandemic, blockchain can play a pivotal role. Through this article, our proficient Steem blockchain experts would like you to explore some blockchain-based solutions that can act as the counterforce against the COVID-19. Browse down to learn:
- It Can Give us Verified and Trusted COVID-19 Data
Blockchain is a safe and immutable technology where the data is kept transparent. This is what makes it very suitable for securing and verifying COVID-19 data. The WHO (World Health Organization), in partnership with some tech giants, government agencies, and international health organizations, is building a blockchain-based system. This system aims to quickly and more precisely detect COVID-19 carriers and infection hotspots.
- It Can Help us Reinforce the Economy
Getting access to trade capital has always been critical for small and medium-sized enterprises (SMEs). At the global level, they are 99% of all businesses, generating 60% of employment. Banks are the traditional intermediaries and facilitators of trade finance deals. During this pandemic scenario, many banks are no more able to fully develop their offering to SMEs. This is where the blockchain-based trade finance network can help them trade capital. By implementing distributed ledger technology (DLT), businesses can be revived with new trading opportunities. This will also ensure transparency, increase speed, and reduce risk through better regulatory compliance.
- It Can Provide Resilience to Supply Chain
The use of blockchain technology can help us tackle supply chain failures exposed by COVID-19. Resilience in the supply chain depends on trust, transparency, and integrity, which can be improved through the deployment of blockchain. It is further said that the current pandemic underscores the need for businesses and governments to improve the integrity and provenance of pharmaceutical products and medical supplies, as well as food, goods and industrial, and consumer products.
WEF (World Economic Forum) recently released a ‘blockchain deployment toolkit’ to help organizations improve future pandemic preparedness and accelerate post-COVID-19 economic resilience.
- It Can Act as a Panacea in the Loan and Insurance Industry
Due to enforced lockdown introduced by governments, many physical stores have closed, while demand for the most essential items has plummeted. In these times of financial distress, providing loans and other financial lifelines is a way to keep many businesses alive. Blockchain can act as a panacea in the loan and insurance industry by simplifying and shortening their complicated approval process. This technology removes third-party intermediaries that result in faster processing time, lower costs, reduced operational risks, and rapid settlement for all parties involved.
Since the end of January, China has distributed loans around $200 million to 87 businesses using a cross-border, pilot blockchain finance platform. This platform can play a bigger role to overcome the world economy by helping medium and small enterprises improve the efficiency and convenience of getting export trade financing and other financial credit support.
- It Can be Used for Surveillance Purposes
By using a blockchain healthcare surveillance system, you can easily reach areas where connectivity is poor. This will help local people receive real-time information related to COVID-19, regardless of government or political barriers. In addition, global organizations like WHO could access the COVID-19 data for further research. As the system is decentralized, data will remain secure and immutable.
The current Covid-19 crisis has highlighted a lack of preparedness for this sort of situation. So, if a similar disaster happens again in the future, it’s worth implementing blockchain solutions sooner rather than later. It can play a decisive role in managing pandemic situations and their treatment in the future. So, it is better that we embrace the blockchain applications and think out of the box to fight the COVID-19 outbreak. Since we have already seen the capabilities of blockchain in the financial world, we believe the application of the technology will play a vital role in the fight against Covid-19.
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