How Blockchain Plays A Crucial Role in COVID19 Relief
Crisis results in innovation. World war II had led to several inventions thanks to shortages of supplies, and therefore the current pandemic is not any smaller than WW2. during this article, we’ll take a glance at how we will use Blockchain in COVID19 relief, which is one of the foremost innovative technologies. Let’s start.
The Outbreak and Reliefs
Before we start discussing how we will use Blockchain in COVID19 relief, let’s first understand the matter and therefore the current solutions we've in place. At the time of scripting this article, there are around 2,83,248+ deaths in India thanks to the Coronavirus. Governments all across the world are trying to combat this outbreak. Some are succeeding and a few aren’t.
Coronavirus poses a singular threat to humanity. It forces
people to avoid contact for safety while at an equivalent time puts the economy
at the danger of collapsing. While different governments try different methods
to revive their economies, we’ll specialize in how Blockchain can help them
during this regard.
Trustworthiness
The very first problem that every government faces in such crises is
trustworthiness. Suppose governments create relief funds and claim they're
going to use them at the time of such crises, how could people trust the word
of their government?
Tracking Donations
In the current times, when many companies are going bankrupt
and people’s livelihoods are in danger, organizations invite donations. Even
governments are posing for help. But when people don’t trust where the cash
would go, they wouldn’t donate.
There are many other ways organizations can use Blockchain
to extend trustworthiness.
Direct Transfer of Funds
India faces a singular problem, having many people that are below the poverty level . taking care of them are often an excellent challenge, which is why the govt is resorting to direct bank transfers.
But blockchain can optimize this process. The Distributed Ledger Technology (DLT) can make sure that the funds reach the proper hands within the fastest way possible. The stakeholders in these networks have control of their data, this way, the facility remains balanced among all participants. DLT allows the recipients of the funds to possess their individual wallets and governments can get their data from impartial sources. within the cases of such economic crises, the govt can transfer funds directly through this network.
Tracking of Supply Chain
Coronavirus has wreaked havoc on supply chains. Moving
medical equipment has faced the most important 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 guts of the many supply chains also , which posed
another problem.
Tracking Data of the Outbreak
Data is one among our most potent weapons against this
outbreak. By tracking the info of the Coronavirus, we will mitigate its spread
and reduce the amount of positive cases substantially. HashLog is an app which
will visualize how this virus has spread everywhere the world and helps in
tracking an equivalent . It’s supported Blockchain and may be a product of
Acoer, which uses Blockchain to develop healthcare solutions of this type .
Way of the Future
As you'll see, Blockchain can solve many problems we face in
these challenging times. That’s why the demand for blockchain experts has recently increased significantly.
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