Coronavirus or COVID-19 was somewhere hidden in the rare books read by the medical students or professionals only! But since the report of the first case came from Wuhan district of China in December 2019, every person either young or old; literate or illiterate know quite well about this dreadful virus. Movies like Outbreak, Contagion and Virus which were just the science friction turned into documentaries in the present times. Many technologies are coming up to normalize the condition along with blockchain to combat corona. So lets decode the mystery of artificial intellegence, blockchain and coronavirus in this blog.
Economic Impact Amid Corona Outbreak
Presently, the scale and speed with which the infected cases are increasing are beyond the imagination. Governments of more than 190 countries are finding difficulty to cope up with the terrible effects of the pandemic virus. Along with treating the total infected cases, economic consequences are also challenging to cure.
The stock market is falling like never before, which even compelled the US Stock Exchange to halt for 45 minutes. Prices of oil fell to the record low. Some of the reputed companies disclosed about their massive losses like Air France -KLM who lost $200 million; Kia Motors of South Korea who shut down all manufacturing plants; the most popular mobile company Apple announced the suspension of services in China and New York disclosed that almost $1 million is being spent per day to fight with corona.
Blockchain To Combat Corona
Governments all over the world are dealing in their best ways to fight with COVID-19. As the virus has been declared a pandemic by WHO, it calls for the warriors of the tech industry to reverse the situation to normal. The active engagement of latest technologies like Blockchain and Artificial Intelligence has the potential to reduce and fight with the present situation more effectively. In a whitepaper published by Deollite, it mentioned that blockchain could power health information exchange with its distributed ledger concept. It further explained that technology could facilitate interoperability and reduce the cost of intermediaries involved.
Applications Of Blockchain Technology
The peer-to-peer technology had already done a great job to combat the effects of the infamous Corona since January 2020. But still it is not clear how blockchain helps to combat corona!! Some of the following cases evidently applause the efforts of blockchain to combat corona:
- Traceability of the Medical equipment: As blockchain is an open and distributed record of a transaction, it ensures transparency in an online transaction. It helps in tracking the fake products like masks and sanitizers and medical equipment which are being sold massively. For instance, North Carolina based Rymedi, a healthcare blockchain company, shook hands with Kadena to improve the supply chain management and quality control.
- Tracking The Virus: If we can trace the movement of a virus, we can be armoured to fight with it. Blockchain facilitates in analyzing news reports, social media platforms and various government announcements through its network and detecting the outbreak. For instance, BlueDot, a startup in Canada, used the technology and warned priorly to the government of the country. Also, Acoer, Georgia based health startup designed the solution on blockchain to combat corona known as HashLog to detect and control the spread of the coronavirus.
- Monitor Air Quality: As the virus majorly spreads through the air, Blockchain-powered platforms have been utilized to monitor the quality of air and manage the crisis in several countries. Chinese non-governmental organization, Institute of Public and Environmental Affairs designed the application” Blue Sky” to check real-time data on air quality.
- Transparency In Donation: A significant outbreak was first observed in China, where large donation flooded to help the citizens of the country. Blockchain technology acted as the enabler by tracking the donation and routing it through five government charitable organizations of China who are utilizing them to treat the patients.
- Minimize Inflation: Blockchain is also acting as the saviour of the economy by minimizing the price inflation. It assures that the right equipment reaches the right people with price transparency through a dedicated network in a transparent manner.
- Fast Tracking of Loans: The State Administration of Foreign Exchange of China tried to help companies facing economic hazards during corona by fast-tracking the loans through blockchain finance platforms and providing them with the necessary funds needed.
- Speed up Medical Claims: Processing of healthcare claims while maintaining social distancing can be possible through innovative technology. Blockchain-based platforms speed up the processing of applications and reduce the face to face interaction, thereby reducing the spread of viruses. While some of the countries are deploying this technology and others are just thinking to utilize it. For instance, Blue Cross Insurance in Hong Kong has used the blockchain platform for paperless claims in health services.
- Faster development of the drugs: Researchers all across the world are rigorously involved in developing the vaccination, which can crack down the effect of corona as soon as possible. The researches from the different countries if made interoperable through blockchain, the solution for chaos can be deployed earlier than expected time. Major tech companies like Tencent, DiDi and Huawei have already been used by professionals to fast track the development of vaccination.
- Detection of non-compliant or infected individuals: Infected people are advised to be in quarantine and to stop getting in contact with any person for a few days. But, some of the people are not taking the infection seriously and moving across the cities. Blockchain (which must contain data of every infected person) with the technology of face recognition can help in detecting the non-complaints and putting them back to their places. This is how AI helps to combat corona too.
Distributed Ledger Technology At Rescue
In the present situation, almost every country has been affected, crashing nearly every sector of the industry. On the contrary blockchain technology is gaining traction, especially in the health sector all across the world. Many healthcare startups based on blockchain platforms like Guardtime ( secure health records of patients), Gem Health (promotes blockchain collaboration in health care), Blockchain Health (for medical research management) etc. are effectively working to safeguard the people from the current situation. As per the University of Hong Kong, Blockchain to combat corona is the innovative technology which must be deployed by every country.
Lets Chain The Corona With Blockchain
It can be concluded, blockchain is not only associated with digital currency, but it has found its application in various sectors like that in the health sector. To harness the blockchain technology altogether, efforts must be taken in every possible industry which can reduce the effects of the coronavirus. This is how blockchain helps to combat corona!!!
Improvements in supply chain management, products and vaccine verification, tracking of donations, and insurance processing can support the global community fighting against the viral infection, making blockchain technology an essential addition in the upcoming years.
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