The impact of the coronavirus (COVID-19) is felt in all companies, communities and people around the world. More than 2.1 million people worldwide have been infected with COVID-19, and more than 180,000 people have died from the disease. Our way of working, playing, socializing and learning has changed. Schools are closed, sporting events have been canceled, companies have closed, people work from home, the national closure, and the impact list continues.
COVID-19 is a major global threat to public health and has generated shock waves in medical systems, the payment sector, supply chain networks and other key social aspects of society. The recent pandemic highlights the need for an organized response from different countries, companies and charities. But how can these grants and donations be managed, delivered and channeled more transparently and efficiently?
Countries around the world are implementing technologies to help solve some of the main challenges associated with COVID-19. The epidemic outbreak has brought blockchain technology to the spotlight as it helps combat the everyday battle against COVID-19. The word blockchain is more frequently linked to Bitcoin, but there are some people who misunderstand its function, blockchain is much more than Bitcoin and is not fundamentally linked to the latter.
In the simplest words, a blockchain is a series of time-stamped permanent data records that is maintained by a computer network, which is not owned by a single entity. Any transaction that is entered in the activity log is locked in a block and connected to form a chain in sequential order, giving the term blockchain. Its main characteristics are the immutability, traceability, decentralization, transparency and veracity of your data.
Many companies like Traxalt, a financial and digital institution, the European Union, multinationals like IBM, law firms, real estate and music agencies are using blockchain to improve their daily activities.
But what are the true advantages of this technology and how can it help us during this time? First, we must define it as a decentralized registry, characterized by its veracity and reliability without the need for a third party to manage or monitor your data. Blockchain is immutable and transparent, which implies that the data it contains cannot be modified and is completely traceable and reliable. Blockchain technology also eliminates intermediaries, prevents data loss and alteration, and ensures traceability. This can play an important role in ensuring that information about the epidemic is open and transparent and that the materials of the epidemic are traceable.
Syren Johnstone, executive director of the University of Hong Kong, through a letter published by the University of Oxford, highlights the multiple uses of blockchain technology and its benefits. It calls on all technology companies to get down to work and find solutions to the global health crisis.