Crisis leads to innovation. World War II had led to many inventions due to shortages of supplies, and the current pandemic is no smaller than WW2. In this article, we’ll take a look at how we can use Blockchain in COVID19 relief, which is one of the most innovative technologies. Let’s get started.
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The Outbreak and Reliefs
Before we begin discussing how we can use Blockchain in COVID19 relief, let’s first understand the problem and the current solutions we have in place. At the time of writing this article, there have been around 4700+ deaths in India due to the Coronavirus. Governments all across the globe have been trying to combat this outbreak. Some are succeeding and some aren’t.
Coronavirus poses a unique threat to humanity. It forces people to avoid contact for safety while at the same time puts the economy at the risk of collapsing. While different governments are trying different methods to revive their economies, we’ll focus on how Blockchain can help them in this regard. Learn more about Why is Blockchain the Future? Future Prospects, Expectations.
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The first problem every government faces in such crises is trustworthiness. Suppose governments create relief funds and claim they will use them at the time of such crises, how could people trust the word of their government?
Blockchain can help the government in enhancing their trustworthiness because its applications require commitment. Suppose the government promises to release relief funds for hospitals to assist them in treating the increasing number of COVID19 patients.
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Now, without Blockchain, there is no specific commitment from the government, and there’s a chance that the money may not reach the right hands at all. Smart contracts, which are blockchain technology, can solve this issue.
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In the current times, when many companies are going bankrupt and people’s livelihoods are at risk, organizations ask for donations. Even governments are asking for help. But when people don’t trust where the money would go, they wouldn’t donate.
Blockchain helps in this regard because people can track their funds and see it reach the needy party without any doubts. A blockchain startup, Hyperchain in Hangzhou, is doing the same. It transfers funds to various hospitals including Jiayu People’s Hospital and the Tangshan People’s Hospital. They have received more than $2 millions through donations.
There are many other ways organizations can use Blockchain to increase trustworthiness.
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Direct Transfer of Funds
India faces a unique problem, having lots of people who are below the poverty line. Looking after them can be a great challenge, which is why the government is resorting to direct bank transfers.
But blockchain can optimize this process. The Distributed Ledger Technology (DLT) can ensure that the funds reach the right hands in the fastest way possible. The stakeholders in these networks have control of their data, this way, the power remains balanced among all participants. DLT allows the recipients of the funds to have their individual wallets and governments can get their data from impartial sources. In the cases of such economic crises, the government can transfer funds directly through this network.
Also read: Role of ML Methods for COVID-19 Aid
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Tracking of Supply Chain
Coronavirus has wreaked havoc on supply chains. Moving medical equipment has faced the biggest challenge in these times because there has been a shortage of face masks, PPE kits, and other equipment in many countries. China is at the heart of many supply chains as well, which posed another problem.
Alipay introduced a platform that uses Blockchain to track the supply chains of medical equipment. Due to the steep rise in the demand for medical supplies, the market also faced many counterfeit products.
Tracking Data of the Outbreak
Data is one of our most potent weapons against this outbreak. By tracking the data of the Coronavirus, we can mitigate its spread and reduce the number of positive cases substantially. HashLog is an app that can visualize how this virus has spread all over the globe and helps in tracking the same. It’s based on Blockchain and is a product of Acoer, which uses Blockchain to develop healthcare solutions of this sort.
HashLog uses data from the World Health Organization (WHO) and the Center for Disease Control (CDC) for creating its visualizations.
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Way of the Future
As you can see, Blockchain can solve many problems we are facing in these challenging times. That’s why the demand for blockchain experts has increased considerably. You can checkout IIIT-B & upGrad’s Advanced certificate program in blockchain technology and become a professional of this field as well. With such knowledge, you can create innovative solutions for the problems we’re facing in this crisis as well.
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How secure are cryptocurrencies?
Cryptocurrencies are built on a distributed ledger called a blockchain. A blockchain is a tamper-proof, chronological record of transactions maintained by a network of computers rather than a central authority. The data is stored in a series of blocks where a new block is connected to the previous block. Every block is an integral part of the sequence and cannot be changed. If someone tries to change the data in the particular block, the entire arrangement will be rendered invalid. The sequence is 16 bits long, and extracting the whole series gives you no information, making cryptocurrencies almost impossible to hack successfully.
What else can blockchains be used for?
You can use blockchain for lending, insurance, voting, real estate, medical information, logistics, data storage. It can be used for anything related to money transfer because it is secure. Similarly, it is ideal for storing sensitive information. Making the national online voting process using blockchain will increase the integrity of the vote and help make it truly anonymous. It has also been implemented in online gambling, where people can gamble anonymously. If you think out of the box, blockchain can be implemented in almost all fields of the industry.
Why is blockchain the future?
The blockchain is the future because it allows for secure, transparent, and tamper-proof transactions. It also provides the creation of decentralized applications that can run on a peer-to-peer network. It has top-notch security, which makes transactions seamless. All transactions are publicly viewable. This transparency helps to build trust and ensure accuracy. Secondly, by transferring all data onto cloud-based servers and encrypting it using blockchain, we can reduce the amount of local storage required and make it almost as secure as offline data storage systems. Lastly, it is very efficient. It reduces the cost of transactions by eliminating the need for third-party intermediaries and making it faster.