In March 2020, the World Health Organization declared COVID-19 a pandemic. Just over six months after this announcement, nearly 33 million cases and nearly one million deaths have been reported worldwide. While most of the stories of the pandemic involve astronomical costs in human life and suffering, the disease has also exposed a number of problems in our global economic infrastructure. A surprising number of these vulnerabilities can be eliminated or at least minimized using blockchain technology.

As a result of COVID-19, companies around the world, including the most economically developed countries, faced supply problems that they were unfortunately not prepared to address. They were unable to gather and access critical information quickly enough to quickly distribute available resources where they were needed most.

Blockchain technology and pandemic
Blockchain solutions to bridge information gaps and delays are already being developed by some of the world’s largest companies. Likewise, supply side flexibility and adaptability is also being improved with blockchain technology. Because blockchain technology can be unique for verification, security, and data transmission, it is ideal for solving problems that sometimes get in the way of multilateral transactions, especially when such schemes cross national borders.

In China alone, during the first two weeks of February 2020, up to 20 blockchain-based applications were launched to manage COVID-19. These new applications included online screening for the secure management of medical records and a platform to support appropriate administration and distribution of emergency care in the most critical areas. Hit.

Many countries have used technology to monitor and track the activity of infected and exposed people. One such attempt, cited in the Barons report, describes the use of wristbands to introduce quarantine programs for foreign visitors arriving in the area.

There are many ways in the United States that blockchain technology can strengthen the national response to COVID-19 and strengthen our long-term economic ecosystem. For example, blockchain platforms can improve data reliability, transparency, and security, which can help resolve data falsification complaints or otherwise reduce accuracy. It helps track the spread of the virus and provides consistent, accurate information, mostly in real time. This can help track effective medical responses. This can improve the management of health insurance. It can be used to facilitate drug safety compliance when a vaccine is available for research and distribution. It can also help with supply-side problems, especially since many of the goods that Americans are used to seeing on the shelves here come from other countries.

Cryptocurrency and pandemic
Crypto assets can also play a role. The pandemic has sparked growing concern over the extent to which governments and large corporations are using data collected from the increased virtual presence of most people.

In the United States, the shortage of coins is related to the cost and inefficiency of traditional coins. Concerns over the extent to which the virus might remain on the surface of traditional coins and banknotes has increased the pressure on cashless transactions. The delays and fees associated with traditional funds transfers are also receiving increased attention. Even those who have no relation to banks deteriorated. It is estimated that there are 1.7 billion adults worldwide in times of economic hardship. Many of these problems can be solved, at least in theory, with crypto assets.

Many commentators noted that the pandemic and the international response to it have pushed the world significantly towards the online ecosystem, including digital financial transactions.

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Consumers who are increasingly adapting to work from home are forced and willing to process financial transactions electronically. Investment and financial advisors are also adapting to “new norms” and realizing the potential of electronic tools and resources, including digital financial investments.

Many national governments and central banks are paying attention to key digital currencies. Another option that is increasingly being mentioned is stable currencies backed by the US dollar or euro. Facebook Libra, with its small plans to offer more options supported by local fiat currency, could speed this process up.

Source: CoinTelegraph