We won’t be exaggerating the situation if we call Coronavirus the most notorious enemy of humankind in this new decade. After destroying its epicentral region Wuhan, China, the disease in not time proliferated into countries and regions across the globe, leaving the world population in grave trouble. The severity of the epidemic was so huge that the World Health Organization was compelled to declare it as a pandemic within a month of its widescale expansion. Not to surprise, where the global health systems have been put to their direst test, other industrial domains to are not spared by COVID-19. The core sectors such as supply chain, industry, insurance, agriculture, transport, tourism, etc. are all badly affected by the virus spread, forcing governments and owners to shut stop operations on a worldwide scale.
The overall global economy has come to a standstill with GDP rates plummeting at a rate like never before. In this hour of emergency, governments, institutions, and the general public have come together to start a fight against corona. A lot of strategic efforts have been laid upon by researchers around the world to find an efficient remedial solution. Some interesting rumors have been doing rounds in recent times, signifying the role of blockchain technology. Though these are just speculations, we have thrown light on the unprecedented offerings that blockchain can really bless us within the COVID-19 outbreak, in this article. Have a look:
The Pre-Dominant Features Of Blockchain Technology
Blockchain has become an integral part of an array of industrial domains since its inception in 2009. The wide range of features offered by the technology makes it a go-to option in the modern new-age era. The list given below highlights the various domains in which blockchain can play a significant role during the corona times.
- Management of medicines supply chain
Maintaining a continuous supply of medicines, masks, and sanitizers has become a challenge for the healthcare sector in this pandemic crisis. Blockchain technology can help the supplying firms in maintaining a steady flow of demand and supply by keeping track of the flow in an efficient manner.
- Worldwide secured payments
Blockchain came into light with the launch of the world’s first virtual currency, Bitcoin. During times of crisis, the movement of money from one country to another becomes quite difficult. Donations from people worldwide are the major sources of relief operations for charity organizations, governments, and health institutions. This involves significant amounts of transaction fee charges, often restraining people from making money transfers. But with blockchain, this issue can be readily solved as blockchain involves minimum transfer fees.
- Scrutiny of Data Accuracy
A major problem surfacing at this time is the outbreak of fake news circulated through social media channels or handles. Blockchain eliminates the risk of third parties and helps in the validation of data sources from the origin. Owing to this, organizations are opting for blockchain solutions to trace the genuineness of the information being circulated. Acoer, a coronavirus tracking solution, ensures that the information processed through its blockchain network is accurate, transparent, tamper-free, and trustworthy.
- Medical Records Keeping
The data entered on a blockchain is free from tampering or intrusion of outsiders. This can help hospitals and relief organizations in maintaining a track of a patient’s condition.
- Tool for education
Coronavirus has compelled governments worldwide to shut down schools and colleges to promote social distancing, which is a prime source of transmission of coronavirus. In response to this, a blockchain-powered firm, ODEM is providing its online integrated learning system and certification management system to schools and educators for free of cost.
- Day to day operations
Blockchain can help people in making payments for their day to day operations instead of cash. The decentralized mechanism ensures payments in a secure, transparent, and immutable interface, which is free from human interaction.
The constant efforts laid by the governments and the unprecedented courage shown by our doctors are likely to put an end on the coronavirus outbreak. While staying back home, you can surely earn those extra bucks by investing in cryptocurrencies. The amazing opportunities offered by the industry have encouraged people to try their luck in virtual currencies. So, if you want to follow the trend too, then you can go through The News Spy Review platform, which helps people in analyzing the markets accurately. The platform also helps traders to open multiple profitable trades simultaneously.
The world is currently in a state of war with an invisible enemy that is bringing havocs. The ever-so increasing global death rate caused by COVID-19 has posed some serious concerns for mankind. Though the healthcare sector, including our doctors, nurses, and medical researchers are at their forefront to beat the virus, it requires extra support from other domains as well. Blockchain technology can provide solutions that can limit the expansion of the virus. An array of entities are providing aid to the community using blockchain solutions. However, the widescale adoption of blockchain still remains a far-fetched dream. Until then, stay indoors, stay safe, and follow the protocol.