Blockchain Is Proving Helpful In Combatting COVID-19 or Coronavirus
Blockchain technology is a helpful tool for battling coronavirus. COVID-19, more commonly recognized as coronavirus, has become a global epidemic and has taken thousands of lives.
Based on the information from the Centers for Disease Control and Prevention, the virus has affected 93,021 individuals and 3,249 death tolls.
Blockchain has been a useful device in battling the disease. The technology has been utilized in tracking drug supply chains and medical supplies. It also proves beneficial in handling medical data, identifying symptoms of infection, and advising the citizens.
Mobile and online payment platform Alipay operate with Zhejiang Provincial Health Commission and the Economy and Information Technology Department to launch a blockchain-based platform that tracks the demand and the supply chains of medical supplies following the scarcity of facial masks which became one of the most significant difficulties in China when the disease broke out.
The National Development and Reform Commission (NDRC) announced that mask production daily is only around 15.2 million each day, but the demand is between 50 to 60 million.
“While it is probably too late to implement major changes, the coronavirus has proven that the medical supply chain remains an area with a legitimate need for blockchain provenance solutions,” the report stated.
Blockchain also helps discuss the trust issue when it comes to giving donations. China’s Red Cross has reportedly had a dubious reputation indicating some citizens to have suspicions in promoting it by making donations.
In response to this, Hangzhou-based blockchain startup Hyperchain created a donation-tracking platform, and it drew $2 million donations.
Through the platform, donors can view where their funds are mainly required. Also, they can trace their donations and secure verification when the donations have been received.
The existing donors comprise Yuegou Living Supermarket and New Sunshine Charity Foundation while Jiayu People’s Hospital, Tangshan People’s Hospital, and Xiantao No. 1 People’s Hospital are amongst the recipients. All of the stated facilities are serving patients infected with the coronavirus.
Although blockchain is a beneficial tool, there are still concerns about it. According to experts, blockchain is the ideal solution for traditional storage systems because it offers excellent security. However, it also conflicts with privacy.