How Cryptocurrencies & Blockchain Can Prevent Future Pandemics Like the Coronavirus

From failure of health systems to financial systems, the Coronavirus pandemic demonstrated how nations, policy leaders and international organizations are inept when it comes to handling disasters.

Failure to pass information, apparatuses, medical aid and professionals across countries and continents meant that we were always playing catch up with the disease.

With nearly six million people infected and five hundred thousand dead, the world is now thinking about how to prevent such a pandemic from happening in the future again.

Many experts, professionals and analysts are pointing at concrete solutions in the form of cryptocurrencies like Bitcoin and Blockchain technology. Even bitcoin industry is involved in crypto world. Know more here: crypto industry

In this article, we will look at how Blockchain technology and Bitcoin could be our greatest asset while fighting against similar disasters in the future.

Blockchain, Bitcoin and the Need for a Borderless World

After nearly three months into the Coronavirus problem, many state that lack of coordination among nations was a major reason why the situation escalated. Many others point out how a global supply and logistics chain with the capability of transferring cash, personnel, secure information and data could have been very helpful.

Fortunately or unfortunately, human beings already had access to Bitcoins and Blockchain technology for the last twelve-odd years. The fact that national governments and international organizations chose to do nothing to do with it clearly shows their short sightedness.

If Blockchain and Bitcoin had been adopted before the pandemic, we would have been able to target the following pain points-

  1. Secure and incorruptible flow of data and information
  2. Fast and registered monetary transactions to buy PPEs, masks, sanitizers, etc.
  3. Improved cooperation across countries and continents
  4. Better supply and logistics development and maintenance
  5. Decentralized and truly democratic structures with no room for political manipulations

Are any World Organizations Working with Blockchain to Curb Coronavirus?

China has always been at the forefront of technological development. It has realised that in order to become a true world super power it needs to master the latest and most cutting-edge solutions. Hence, it is no surprise then that China is the world’s only country to implement Blockchain-based solutions to the Coronavirus pandemic.

Many Chinese organizations, both in the public as well as the private sector are using Blockchain to coordinate between different departments and ministries. We can see Blockchain applications in the distribution of relief material (PPEs, Masks, Face-Shields, Sanitizers, etc.) as well as in public donation towards the crisis.

Among the private companies, Acoer is a great example of a brand using Blockchain to track, identify and update global data on Coronavirus. The company has developed a new product, ‘HashLog’, which uses data and statistics from organizations like the Centre for Disease Control (CDC) and World Health Organization (WHO).

It then collates, arranges and disseminates it according to a distributed public ledger system. In other words, HashLog provides real time data and information to nations and organizations in their fight against the Coronavirus.

Can Bitcoin and Blockchain Prevent the Breakout of Pandemics like Coronavirus?

The correct answer to this question is ‘No’. However, the important thing is that no one expects it to do so. What Bitcoin and Blockchain could accomplish would be to present a first line of string defense against such pandemics in the future. You might say that they will help us increase our battle preparedness in a major way.

Most often it is time, speed and accuracy, which can determine success or failure. The world already has everything, which it needs- it just needs to do it faster and more accurately. Bitcoin and Blockchain blends the collective strength of the world and helps it present a decentralized and united face to global challenges.

We will just have to wait for the next few months to see whether the advantages and benefits of Bitcoin and Blockchain are going to be put into motion by nations.

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About FinanceGAB

Ajeet Sharma is a financial blogger and I am blogging since 2017. Financegab is a personal blog dedicated to personal finance. The main aim of this blog to help people to make well-informed financial decisions.
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