How blockchain technology can be used in the fight against the coronavirus pandemic
Blockchain technology has a role to play in the fight against the COVID-19 pandemic.
Tue, 09 Jun 2020, 09:52 am UTC
Humanity’s war against the ongoing coronavirus pandemic is waged in multiple fronts. Countless medical professionals, law enforcement officers, and employees providing essential service brave the frontlines to control the pathogen’s spread and keep the supply chain up and running.
Meanwhile, technologies are employed behind the scenes to help fight the COVID-19 pandemic as well. For instance, artificial intelligence (AI) is now being harnessed to help scientists find a vaccine. Even blockchain, the technology behind popular cryptocurrencies such as bitcoin and ether, has its role to play in the ongoing effort as it is now being integrated into food supply chains and healthcare systems.
With its transparency and reliability, blockchain technology can be employed in a number of areas and processes in the multi-faceted fight against the COVID-19 pandemic. For instance, the technology could be used to monitor donations, relief distribution, and pandemic material distribution, according to Coin Telegraph.
Blockchain can also be employed in the various governments’ to help combat the virus. For example, the technology can be used in contact-tracing applications to ensure the anonymity of those being tracked.
The technology is also perfect for handling medical data to ensure its reliability, security, and transparency. Previously, some organizations have been accused of manipulating pandemic data but such an issue could be eradicated by using a blockchain-based global pandemic map to track the virus’ spread.
Healthcare and insurance claims can also be better managed with blockchain technology and smart contracts. In fact, blockchain can help save thousands of lives by preventing potentially fatal medical data errors.
A Johns Hopkins study revealed that over 250,000 people in the U.S. die each year due to medical errors. Blockchain helps prevent this since data cannot be erased but only be added. This means that doctors will always have a complete patient history since day one.
The technology is even useful even in the post-COVID-19 pandemic world. The technology can be used to help rebuild society after the pandemic through tokenization allowing people with spare cash to help in the rebuilding efforts.
“Tokenization can digitize a company’s core resources, including the capability of making profits and core assets,” BigONE CEO Kelvin Cheng explained. “Asset tokenization of holding the token is equivalent to holding shares, in which people holding the token can be considered as a ‘token holder’ who can enjoy the company’s benefits. The more token the person has, the more benefit the person can get. Profit digitized means that a company’s profit can issue a dividend or buy back according to the status of the holding of the token.”
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