Blockchain Can Help in the COVID-19 Crisis and Recovery
Corona or COVID-19 is the only word that has shattered the entire humanity right now in all aspects. The pandemic has affected not only the healthy lifestyle of humans but also the whole business world. Every entrepreneur is trying to get back their profitable business either way after the lockdowns are released. But, how could this recovery happen with immense traceability? Can the exaggerated blockchain technology help humanity recover from corona crises?
Even in the blockchain space, there is a fall in business progress and profits, but not to a greater extent for sure. The forecasts reported that at the end of 2020, the blockchain industry would face $1.4 billion spendings in projects, but as of now, it has declined 8% from the previous predictions.
Despite all these falls, blockchain technology has some beliefs and proven experiments to handle the world’s corona crises. Let’s scout around the limelight blockchain projects that are happening globally to recover fast from COVID-19 pandemic!
Traceability of COVID-19 patients has become the mandate for federal governments to control the spread of the virus. Blockchain constitutes the feature of immense traceability, and thereby republics have stepped to build solutions for contact traceability.
Blockchain’s traceability, monitoring, and devoid of central governance joins hands with federations to recover from the corona outbreak. Governments can effectively monitor the affected patients and quarantine them according to medical reports. Patients can be isolated, and society can be guaranteed with social distancing and other preventions. Moreover, patients can authorize and share their data only for demographic data or study purposes, thereby maintaining privacy.
Happenings around contact traceability
Supply chain management
COVID-19 has a major impact on the global supply chain system. As the international, domestic, and other transportation systems have been cut off, there is a scarcity of supplies in all industries. However, only essentials are being traversed from other countries. Due to chaos in safe transportation, the governments are messed up and have stopped the supply chain of supplies. Only medical supplies are allowed to traverse globally. Blockchain supply chain solutions connect suppliers with consumers directly, and hence the safety product traversing is assured.
Blockchain-based supply chain applications can enhance the forecast of products and people involved with guaranteed security and privacy. Here’re some of the projects around the world that encircles supply chain space!
Happenings around supply chain management
Insurance and funds processing
Federations have stepped forward with huge amounts of funds to distribute among people and businesses to recover the corona outbreak. Financial institutions are offering lifelines to many significant business streams to steep from the outbreak. Blockchain-based fintech solutions can effectively process loans, insurance claims, and funds than traditional systems.
Blockchain promotes P2P transactions, thereby avoiding third-party interventions and ample processing time. The removal of third-parties in the fintech industry with blockchain implementation also reduces the transaction costs to a greater extent. Here’re the exciting happenings that hover around globally in insurance and funds processing!
Happenings around insurance and funds
Blockchain experts and technologists have extensive belief in the potential features of blockchain technology to handle the COVID-19 pandemic effectively. Though businesses have fallen and slowed down its investments on blockchain spending, soon these scenarios will swap, and blockchain would win the race!
Let’s join hands together to override the corona outbreak effectively and shatter the walls that hinder human evolution with blockchain tech!