Blockchain is on the path to take a central role amid the instruments used to combat the novel coronavirus and defeat the pandemic. While this technology is already supporting our supply chains and validating information, it might also provide a solution for the trade-off between private data and public health care.
First, what is blockchain technology? In simple terms, it is a distributed, decentralized open ledger that permanently holds immutable records of transactions. It may be the most highly controversial new technology of the 21st century.
Now, blockchain has entered the colosseum’s arena of potential fighters against the novel coronavirus.
Through its structure consisting of blocks and chains, blockchain holds many unique advantages that form the foundation of its pervading path of entire industries. Among others, the benefits include the elimination of the middle man, reduction of operation costs, transparency, improved traceability, increased efficiency, enhanced security, empowered users and accelerated transactions. Due to its decentralized nature, it does not need a central authority.
In light of the coronavirus, blockchain technology already secures supply chains, validates information, disrupts corrupted systems and censorship and offers support for social distancing. Additionally, it might also secure anonymized personal information in the hunt for data triggered by the pandemic.
Securing of supply chains
One of the most immediate applications of blockchain is in the supply chain industry. The severe implications of this pandemic such as the domino effect induced collapse of supply and demand systems, labor shortages and early signs of protectionism, cause severe disruptions in global supply chains. In a newly issued report of the World Economic Forum, the need for the application of blockchain to resilient the supply chains is highlighted.
Private blockchain networks provide for transparency as well as traceability. In private…