Blockchain Tech: How Can It Help Us During This Pandemic?

The lighting Bitcoin, as you know it, is a product of blockchain technology. This is the same technology which reshaped many industries and is continuing to do so now. In the future, blockchain tech is expected to grow at a rapid exponential scale and today, we are listing one report which shows blockchain’s correlation to the current pandemic.

Don and Alex Tapscott are two co-authors of the Blockchain Revolution and co-founders of the Blockchain Research Institute. In their latest report titled “Blockchain Solutions in Pandemics,” they analyze the COVID-19 pandemic from a blockchain perspective.

As the co-authors said in the report, traditional systems have failed them and it is time for a new paradigm. To build on Victor Hugo, they said that “nothing is more powerful than an idea that has become a necessity.”  The blockchain news now show that blockchain tech can help us in different ways while the COVID-19 pandemic lasts.

Health Care Crises Vs. Blockchain Tech (The Framework)

The first thing to note in their report was the health care crises. There are many challenges imposed by the COVID-19 and possibilities where blockchain can be used. The report shows that blockchain can help with:

• Self-sovereign identity, health records and shared data
• Just-in-time supply chain solutions
• Rapid response registries for medical professionals
• Incentive models to reward responsible behavior

Therefore, the use of blockchain tech in healthcare is definitely something that we could see on the radar soon.

Sustaining The Economy: How Blockchain Tech Can Help

The economy is very weak at current times. If supply chains are the machinery of global commerce, money is its lubricant. Yet, money as a carrier of the disease has been a stressor during this pandemic.

The health crisis also became a financial crisis, closing off access to supply chain credit. In this manner, blockchain tech can help with financing solutions (like Chained Finance) and fundraising efforts (like the Binance Charity Foundation).

The Action Plan

As the co-authors of this report said:

“We anticipate a real crisis of leadership as the new digital-first and digital-only models conflict with the old industrial tried-and-true.”

With this, they are implying that blockchain tech is bringing a new (r)evolution – and maybe this awful crisis can call forth a new generation of leaders who can finally help us get the digital age on track.