The world is facing one of the most significant diseases and disasters in human history. There have been very few diseases and tragedies that have affected many parts of the world. Different technologies are put to the test at this time of the pandemic. Technologies like Artificial Intelligence, 5G and others are being put to use.
But, Blockchain technology is also giving its fight against COVID. It is even playing an important role in fighting the COVID and helping government and health organizations.
How can blockchain fight a pandemic like COVID?
The blockchain technology can be easily used to monitor the distribution of materials related to COVID. Relief distribution and distribution of masks and gloves can be quickly done easily without violation of any kind of data.
In addition to this, blockchain technology can also be helpful in contact tracing of people affected due to coronavirus. Blockchain can also provide reliability, transparency, and security of the medical data. Many stakeholders have been accused of manipulating data related to the COVID patients, and blockchain can definitely be helpful in the prevention of this manipulation.
Decentralized payment system:
The role of decentralized payment systems through blockchain technology can be one of the most significant advantages, especially at this time of the global pandemic. The companies can receive payments in cryptocurrency without being affected by the virus due to the prevalence of cash transactions. In addition to this, a high-speed payment system across borders within seconds can be one of the most significant advantages offered by bitcoin revolution. International organizations and countries don’t have to wait for days to get the transactions approved.
Many organizations are working towards donations and fundraising at the time of COVID. The blockchain technology can be easily used to promote transparency during the fundraising and donation campaign while providing a means to track the place where the fund got its origin.
Tokenization will help in recovery:
The tokenization facility offered by the blockchain technology will help the world to recover once the pandemic is over. The damage caused by the epidemic is vast, and it will lead to colossal scale unemployment and other recession. The blockchain technology has enabled the tokenization process. This process will help in the division of assets in the smallest way possible. In addition to this, tokenization will also allow people to invest with small amounts to build and recover the economy.
Thus, the use of bitcoin can not only help in fighting the COVID, but it will also help the economies once the pandemic is over.