A Solution to a Crisis

The impact of coronavirus (COVID-19) is felt by all businesses, communities, and individuals 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. It has changed our way of working, playing, socializing, and learning: schools are closing down, sporting events are canceled, companies closing down, people are working from home, national lockdown, and the impact list goes on.

COVID-19 is a major global threat to public health and has sparked shock waves across 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 deploying technologies to help resolve some of the major challenges associated with COVID-19. The epidemic outbreak has taken blockchain technology into the limelight as it helps fight the day-to-day battle against COVID-19. The word blockchain is most frequently linked to Bitcoin, but as some people misunderstand, blockchain is much more than bitcoin, and not fundamentally linked to the latter.

In the simplest of words, a blockchain is a time-stamped series of permanent data records that is maintained by a network of computers not owned by any single entity. Any transaction that goes into the activity record is enclosed in a block and connected together to form a chain in sequential order, giving itself the term blockchain. Its main characteristics are the immutability, traceability, decentralization, transparency, and veracity of its data.

Several businesses like Traxalt, a digital financial 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…

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