How Blockchain Technology Can Help Fighting Against Pandemic
In simple terms, a blockchain is an electronic ledger that can share any transaction/ information between relevant parties among different users as nodes in the chain. This is the foundational technology, “Cryptocurrencies,” that powers electronic currencies.
This helps in making a record of transactions that cannot be altered. Each of these transaction records is time-stamped and linked to the previous one. In this case, each country’s relevant nodal hospitals and the Health Ministry connect to each country.
They share real-time information about any new infectious disease. We notice quarantining strategies set faster, travel restrictions give sooner, and social distancing implemented more shortly. And maybe fewer states would have got impacted by a contagious disease.
What every single country is doing now fighting against this pandemic would have been limited to fewer countries. Blockchain usage might have saved the world a lot of pain by sharing the information early.
The few advantages of blockchain technology are:
- Greater transparency
- Improved traceability
- Enhanced security
- Reduced cost
- Increased efficiency and speed
Essential for reporting Communicable Disease cases
The world had not suffered anything like this Covid-19 epidemic before. Today we need to take a look at the reporting infrastructure available for infectious diseases, both technology and regulations, and improve upon that such that we do not need to face another pandemic like this in the future.
Many human and financial resources are deploying to fight the ongoing pandemic. Technologies are also using 5G to increase information transmission speed, artificial intelligence for research, and many others in this fight.
Blockchain now plays an important role in helping governments and institutions worldwide respond to COVID-19 and is currently being integrated into the food supply and healthcare chains.
How Blockchain can help defeat a pandemic
Blockchain platforms monitor pandemic material distribution, relief distribution, donations, and other responses transparent and fast without violating operator data. Digital identity is another way such platforms can help defeat COVID-19 as companies’ contact-tracing applications can build on Blockchain.
Firms can collaborate with other traders through blockchain platforms. This is the best way to combat the coronavirus to help in research. Blockchain can bring transparency, security, and reliability to medical information. Numerous organizations accuse of manipulating data during this pandemic.
Blockchain can solve them by providing immutable and transparent medical data. A blockchain-based global pandemic map can track the disease’s spread, the number of infected residents, and the number of improved and recovered citizens.
The role of decentralized payment systems
On the other hand, a blockchain can play a vital role in defeating the virus by decentralizing payment methods. Corporations can receive payment through cryptocurrencies to spread the virus through cash. Furthermore, high-speed electronic payment systems help to simplify cross-border transactions within seconds.
Donation campaigns established to raise funds for medical equipment and research, providing relief materials during the pandemic. Blockchain can promote transparency during donations and fundraising campaigns while providing a means to detect funds’ origin and track if those funds are used for the right purposes.
Blockchain provides a unique way to build and track the COVID-19 recovery process. Perhaps when the pandemic is over, we can look at how blockchain technology helped get us through it. But absolutely, Blockchain is not a solution like any technology; it’s just an enabler.
An enabler that would ensure the efficiency and security needed for sharing something so sensitive. Lastly, it would depend on the goodwill of governments and people. I wish we come out of this crisis soon and as unscathed as possible!