It is a very unfortunate situation that we are facing now due to COVID-19. Everything has changed all of a sudden results in an uncertain circumstance. People lost their jobs, businesses are getting shut down, and the economy got hit badly without any mercy. Things are turning to tremendously horrible facts. But standing in this difficult situation every coin has two sides. Like that every situation has its two faces; one is good another is bad. Bad we can see by looking at the present situation, but what is the good one then?
The good face of this situation has brought by blockchain technology that is helping in supply chain management along with tracing and keeping the records within a safe and secure platform.
Existing in this pandemic situation and watching people getting the coronavirus symptoms is becoming pathetic and creating fear inside. Also, it is enabling to think about an unpredictable future waiting forward. Many people died and still are on the waiting list to face the consequences. A variety of coronavirus guidelines are being provided by the government as well as the health sectors are needed to be followed strictly.
One of the most demanded claimed by the public is medicines that have become the ultimate necessity. Here the supply chain is at work with the help of blockchain and successfully attempted many deliveries under advanced logistics. Blockchain has extended its helping hand to provide recovery to some extent in this global pandemic.
The online payment became more secure with cryptocurrency provided by blockchain and leaving its good impact on the reliability of blockchain technology. At the same time ‘VeriDoc Global’ has come up with the service of keeping the patient with international health cardholders records along with the real-time updates with blockchain technology and these can be accessed by the government, United Nations, World Health Organization as well.
A special team of the specialist on privacy in England has suggested a system which is based on blockchain and can trace the coronavirus contact via Bluetooth. It is a decentralized solution made by several research institutions in Europe. It also maintains privacy and terminates the misuse of records and data.
Due to the closing of stores, most of the businesses are shutting up. But the demand for essential goods is increasing as well. People are applying for loans to start an online business and investing in several insurance companies. Blockchain has brought them the simplifying applications to shorten down the loan approval process.
It has been on the news since China has provided loans accounted of $200 million over 87 cross-border businesses in January. “The cross-border, financial blockchain services platform can play a bigger role, and help medium and small enterprises improve the efficiency and convenience of getting export trade financing and other financial credit support’’ said Henry Ma, CIO at online lender WeBank.
