How Blockchain Technology is Helping to Fight the Novel COVID-19 Pandemic
Coronavirus disease has changed our lives in unprecedented ways. With the imminent lockdown caused by the virus, several reorganizations had to be implemented to keep our lives going. This brief analysis highlights some of the key ways that the application of Blockchain Technology is helping in the fight against the COVID-19 disease and pandemic.
As the world battles with the Covid-19 pandemic, and it's consequent economic and social effects: several world governments, agencies, and institutions are joining the fight to help reduce the spread of the virus while assiduously working to create a cure and a vaccine. For each country, the coronavirus pandemic has caused a major state of emergency, the Government’s role in addressing the issue is more visible at this time when compared to private and independent institutions.
In Italy for instance, the country has recorded a cataclysmic rise in the total number of deaths which stands at 18,279 along with a record 143,626 confirmed cases as of April 10th. While the government's proactive measures in declaring a stay at home order, closure of businesses and, sanitization of public spaces are valiant efforts can be applauded; the efforts of individuals like Cristian Fracassi and Alessandro Romaioli in turning snorkeling masks into essential breathing equipment may not be as widely publicized or recognized globally.
While innovation and technology are being deployed at scale to free the world of Covid-19, the role of blockchain technology to combat aspects of the pandemics' negative effects has been a particularly potent weapon in this fight to restore our supply lines and authenticate information, as well as cross-border remittance.
Blockchain Gets Busy
Blockchain technology remains a game-changer in the use of encrypted open-source ledger in the processing of data. In its own right, it came as a disruptive technology that is now gradually being embraced by technology-dependent and futuristic firms worldwide. With the outbreak of the coronavirus disease in late 2019, many blockchain-based firms have launched innovative ways to make a difference in this global medical upset. Few of the application of blockchain technology in the fight against coronavirus is outlined below;
Insurance Claims
The coronavirus disease creates a major health concern that is enough to create an unbalanced book for medical insurance companies worldwide. With over a million cases all over the world, the impact on Health Management Organizations cannot be underestimated. In China where the outbreak began, Ant Financials online Mutual Aid blockchain-based platform Xiang Hu Bao has introduced a new function to process several coronavirus claims. This function undoubtedly has helped the firm reduce in-person contact as these claims are made online.
Education
With the coronavirus pandemic, there's been a major disruption in education across all levels as the stay at home order looms. Higher educational institutions are resorting to online alternatives to take classes and write exams and Odem is providing free access to its blockchain-powered educational and credentialing platform to higher institutions. While the Odem platform may not be a perfect replacement for the traditional classroom experience, it definitely is helping to bridge the learning gap in these trying times.
Donation Tracking
The humanitarian grace of many people was reawakened with the Covid-19 disease outbreak. With donations coming from sports celebrities, business leaders, etc. HyperChain, Hangzhou based blockchain startup has created a donation tracking system that will help donors see where funds are urgently needed. With this ingenuity, HyperChain has raised millions of dollars in coronavirus donations with the promise of transparency and responsibility.
Algorand
The Algorand Foundation launched a health survey website to record public health trends during the novel coronavirus pandemic. With this survey website called iReport-COVID, infected persons can give an account of their experiences anonymously with an assurance that their identities will be protected.
Cross Border Payment Solution
The better perk of blockchain technology and its associated cryptocurrencies is to facilitate financial transactions worldwide. With financial institutions crippled, cross country payment solutions require an alternative which is best obtained from blockchain-powered cryptocurrencies.
Need for Applause?
With all that is being done with blockchain technology of which just a fraction is documented in this article, one might want to give a loud applause for these contributions but until a final victory over the coronavirus disease is achieved, all active stakeholders must keep working till global health is restored and life returns to normal in our cities. It is then that our applause to our medical practitioners, scientists, and technology deployed can be resounding.
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