HONG KONG, Apr 28, 2020 – (ACN Newswire) – Blockchain began in 2009. Most people have heard of Bitcoin. Blockchain is actually the key underlying technology of Bitcoin. It is a way to have “blocks” of encrypted data “chained” to each other in a robust way to ensure the data cannot be altered, once its transaction has been recorded. It uses sophisticated mathematics to achieve this. In addition to a robust data storage mechanism, distributed ownership is the other powerful benefit of Blockchain technology. Nobody can monopolize the Blockchain, and all participants play a role in ownership and authentication of transactions. All records are traceable yet irrevocable. This creates trust among parties, very quickly and efficiently, and is crucial for a scalable, robust economy.
Blockchain under the Pandemic Situation
Daniel Kwong, Chief Information and Innovation Officer at CITIC Telecom CPC said, “As for real world usage today, I think the best example is with the current pandemic situation. In general, COVID-19 has been a tremendous driver for accelerating the digital transformation of organizations, away from physical workflows toward virtual presences, virtual interactions. We are seeing massive increases in use of our virtual applications, such as for video conferencing, remote access, virtual desktops, data warehousing. Our customers have already been using these remote and virtual applications, but now we are seeing a major surge.”
China, for example, launched twenty Blockchain projects to cope with COVID-19, including for infection tracing, medical materials tracking, donation tracking, and insurance claims. Blockchain enabled all these to be rapidly implemented, within days.
“Shandong University was able to deliver a rapid rollout of a pandemic data collection and monitoring system, in just two days,” said Kwong. This was a system for the real-time online collection of the health status, hometown information of students and faculty members. It is used for…