With the global coronavirus pandemic showing no signs of relenting and governments and civilians gripped with panic and paranoia, it’s up to smart innovative companies in the blocchain domain to come up with solutions to the crisis. There is not only a fear of the pandemic spreading to different nations across the world, but the associated disruptions linked to global supply chains and logistics. Not to mention the disruptions caused by loss of man-hours and the subsequent loss in industrial output.
The vast amounts of funding pouring across the borders have contributed to oftentimes misdirection of said funds. Organizations like the world health organization and The Gates foundation has donated substantial funds to the tune of $675 million and $100 million respectively, for coronavirus mitigation efforts and associated R&D funding. Chinese conglomerate Alibaba has started a $144 million fund to purchase medical supplies for Wuhan, the city at the epicenter of the outbreak.
Blockchain companies are offering various solutions to the problems associated with misdirection of coronavirus relief funds. This would mean multinational firms would be saving upwards of tens of millions of dollars and donors will get a comprehensive feedback as to how their donations are being spent.
International health organizations are said to implement a blockchain based platform to connect local hospitals and health departments in organizations in virus afflicted areas. The technologies will be able to record medical data associated with patients affected with virus associated symptoms in the form of blockchain powered ID to verify personal credentials. This data will be used by healthcare professionals to track coronavirus associated symptoms across the country. This would help in gathering vital statistics related to the virus spread. Preventive measures can be adopted in tandem with relief operations which would help in control of the virus. Countries like china, would be able to send relief operations where it’s needed most.
Blockchain technology would have great ramifications in terms of getting relief operations on track.
Blockchain powered platforms would go further and beyond the potential of testing and monitoring healthcare data. With more organized tracking systems, it would be possible to maintain an accurate database for managing insurance data, government compensation, supply of essential relief materials and prevent disruptions to the supply chain network as a whole.
Accurate blockchain algorithms would be used to predict the spread of the virus. These would help to track essential logistics movements. Implementation of blockchain in the industrial manufacturing networks will help to pick up the slack in production processes and meet supply-side challenges.
Blockchain technologies can offer a tracking mechanism for the vast amounts of corona relief funds pouring into aid agencies worldwide.
The worldwide donation campaigns and fundraisers for the coronavirus outbreak have raised substantial sums of money. This has led to many anxious donors to question the distribution of these funds for the right causes. The general public is outraged by reports of misallocation, unfair distribution and misdirection of vital coronavirus mitigation funds. Governments and aid agencies require urgent direction of funds to regions and nations facing the full brunt of the pandemic.
Aid agencies want an expeditious allocation and distribution process that is leak proof and traceable to the end user. Innovative blockchain companies are lending a helping hand to this cause.
Blockchain companies are creating products which aid healthcare initiatives. They want to make the entire coronavirus donation process immutable, reliable and tracable. They have created blockchain based medical supply donations platforms which help to streamline the medical donation process. It’s a transparent portal which will enable donors to trace where their donations are going and how its being spent. They would get a proof of receipt and a proof of need which would ensure that their funds have reached the charities and relief efforts to whom they have donated and how its being spent, all of this in real-time.
This would give donors satisfaction, that their donated funds have been spent for the right causes. Blockchain, with its decentralized platform is believed by experts, to build the ultimate trust among donors of the coronavirus relief effort across the world. Blockchain based platforms with their ease of use and decentralized ledger system will enable the transfer of large volumes of relief funds across national and international borders with ease. As such, these innovative blockchain based companies have the potential to revolutionize the public donation and disaster relief fund management systems for relief organizations and aid agencies during crisis’s like the ongoing coronavirus pandemic.