The impact of the COVID-19 pandemic has affected all industries, and thus the lives of many people. But there is a way in which we could leverage the technology we have today to prevent such disasters from ever happening.
Blockchain: The Emergent Technology That Can Change Everything
Blockchain is already implemented in many industries to improve certain processes. For example, blockchain can be used to collect and organize patient data for healthcare agencies and organizations. Also, the system can monitor and track patient movements effectively to maintain social distancing. Since we are talking about blockchain, people don’t have to worry about protecting their identity, as it is taken care of by blockchain.
Most of the data on COVID-19 is currently transmitted via APIs, and the storage is made on centralized databases. A centralized system is vulnerable, as it has a single point of failure that can be exploited. The data could also be easily misused. A blockchain system enables patients to selectively share their data, which is relevant to the efforts of preventing the pandemic while not revealing certain data. The network keeps the rest of the data anonymous, and the patient has complete control over it.
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Blockchain is already slowly being implemented in supply chain management. As the global supply chain has taken a heavy blow because of the pandemic, we need to find new solutions. Healthcare authorities had issues with medical supplies in certain cases, as the source of the supplies was unknown. To prevent further contamination, the source of every product must be exactly traced, and, seeing as many details get lost in the supply chain, a blockchain-based platform can easily record information.
Having blockchain merged into the healthcare supply chain will enable organizations to know exactly where everything came from and to trace back to the source in case of an issue. A similar platform could be applied to track the delivery of food or other items.
The transparency of blockchain could also be used in the media sector, as all data recorded is immutable and public. This means anyone can verify it, and once it is recorded on the blockchain, it cannot be deleted by governments or other authorities.
Smart contracts, another implementation of blockchain, could be used to save time and resources, by coding the contracts to detect specific conditions and activate rapid responses based on what rules it was programmed to execute. Contracts can accelerate a response to it, detect an increase of infected cases in a location, or they can be used to develop protocols that can send critical medical equipment to locations that need them the most.
Blockchain could greatly help authorities collect and store data more efficiently, guarantee data interoperability, dismiss fake news, and promote information transparency.
Blockchain is also the underlying technology of cryptocurrencies. As blockchain will become more mainstream and its uses more understood, the popularity of cryptos will also increase. An increase in demand means an increase in the price of that particular crypto, as we have seen with Bitcoin.
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