Coronavirus Crisis: How The Blockchain Rose To Help
The outbreak of the Covid-19 pandemic has created havoc across the globe. More than a million affected cases have been reported globally as of the time I’m writing this, and we’re told we’re still far off from the peak. Governments and administrations across countries have been thrown into a frenzy state and are working diligently to tackle a plethora of issues directed their way. Controlling and curbing the rampant spread of the virus, providing healthcare facilities to the affected, supplying citizens with protective gear and with essential amenities, and keeping the economy afloat are some of the major responsibilities on the shoulders of the governments.
During testing times like these, the administrative units have found an ally in the paradigm-breaking blockchain technology. China, one of the hard-hit nations by coronavirus, has witnessed a key number of solutions established on this decentralized distributed ledger, which have sprung in its aid to battle the ongoing chaos. Let us have a look at some of the ways in which the revolutionary technology of blockchain is helping to combat coronavirus:
Supply of Medical Stocks
With the onset of Coronavirus, the demand for facial masks and other protective gear rose exponentially in China. This led to an influx of counterfeit goods in the market. In order to curb this menace, mobile and online payment platform Alipay in a joint venture with Zhejiang Provincial Health Commission and the Economy and Information Technology department launched a blockchain-based platform, Ant blockchain, which empowered users to trace the demand and supply chains of medical supplies like masks, gloves and other protective gears.
Donations
One of the primary reasons blockchain technology was an instant hit with cryptocurrencies was because blockchains eliminated the need for a ‘trust factor’ between different users. Hangzhou-based blockchain start-up Hyperchain designed a donation tracking platform which enabled a donor to see where the funds are required urgently. The donors then could direct and track their donations to the required institution until they receive verification of funds being received.
Virus Tracking App
Acoer, a developer of blockchain-enabled applications for public health and global health organizations, launched an application named HashLog which tracks and visualizes the virus outbreak around the globe. Using Hedera Hashgraph, a distributed ledger technology, the application visualizes the real-time spread of the virus using public data from US Centres for Disease Control(CDC) and World Health Organization(WHO) and provides.
In the words of Acoer’s CEO Jim Nasr “HashLog allows for the real-time visualization of coronavirus data and trends. This includes the overall number of cases globally, rates of deaths and recovery per infections (where we have reliable data), cases filtered by country, as well as Google trends by interest and region on Coronavirus.” Organizations and government agencies around the world are using HashLog to analyse trends and strategize solutions to diffuse the situation in hand.
Insurance
In the wake of an enormous number of cases, Xiang Hu Bao, a Chinese insurance firm, is using blockchain technology to process insurance claims. The usage of blockchain tech not only eliminated the need for back-and-forth documents delivery to clinics but also helped the company to reduce a ton of paperwork.
I am all praise for this initiative taken by Xiang Hu Bao. At a time when healthcare professionals are voicing the need for social distancing, this thoughtful step helps in minimising face-to-face contact.
Education
Ongoing months-long closures of educational institutes are terribly disrupting the educational sector. Odem, a blockchain technology-based education provider, has made its online integrated learning platforms and certification management systems free for use by schools and educators to continue educating students until it is safe to return back to campuses.
The benevolent move by Odem has been implemented by many schools and is ensuring that this pandemic will not hamper the education process.
Cross Border Transactions
We already know that money transfer via blockchain is an effective and safe procedure. The ongoing pandemic has resulted in a significant jolt to the functioning of many small and medium-sized companies. The requirement of funds and money crunch had threatened the survival of Chinese businesses in local and international markets. At such a crucial moment around 87 China-based businesses received more than $200 millions in loan through cross border transactions supported by blockchain-based finance platforms.
In order to safeguard financial interests and to keep the global economy floating, more cross-border transactions via blockchains should be initiated. Blockchain tech can help save money spent on paying hefty interest rates when transactions are processed through banks.
Backed by some fairly capable AI and boosted by cutting edge blockchain tech, the government of Singapore has launched a mobile app called TraceTogether. This aapp identifies the potentially infected by mapping the number of persons an individual comes in contact. So if someone tests positive for the virus then the app enables the government to detect other potentially infected individuals.
The government of India has also introduced a mobile app named AarogyaSetu that functions in a similar manner. The app also alerts users about Covid-19 positive individuals in their vicinity. Progressive usage of blockchain tech as a life saving platform is just a small example of its revolutionary capabilities, in my opinion.
The way blockchain has serve the global community in its battle to combat coronavirus is a testimony to the fact that blockchain is indeed a technological marvel which deserves inclusion in day to day usage.
Wishing safety and good health to everyone. We’ll get through this!
