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See how Blockchain and cryptocurrencies are fighting COVID-19

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Written by   87
1 year ago

The year 2020 was for many of us a year in which we would achieve many of our goals. Maybe you were in classes, or maybe you were starting your first business (As is my case). Maybe you were planning your next trip. But, the COVID-19 changed all that and much more.

However, this sudden and unexpected change in the absolute life of humanity is driving the diffusion, adoption and integration of Blockchain technology and cryptocurrencies; So if an event of this magnitude had not occurred this change would have taken much longer.

And it is that, for a global problem you need global and innovative solutions. We can see COVID-19 as a Disruptive problem, since it has come to change the entire Status quo of all of humanity. Therefore, the tools to solve a Disruptive problem must also be of this nature as are Blockchain and cryptocurrencies.

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A clear example of this is the fundraising carried out across the planet. Specifically, given the urgency of monetary liquidity to buy medical supplies and assist patients, the use of a fast and transparent technology such as cryptocurrencies is necessary. The Case of the Italian Red Cross is emblematic: in just 3 days they raised $ 10,000 in Bitcoin for the acquisition of urgent medical supplies. Such success, It motivated the Italian Red Cross to seek financing through Bitcoin.

Another significant action within the Crypto environment is the initiative by the popular Exchange Binance. Through his charitable foundation, he has created "Crypto Against COVID" to make a common front of all cryptocurrencies against the pandemic. Also, all these transactions will be reflected in Blockchain for transparency, this initiative seeks to raise $ 4 million USD to fight the pandemic.

A very special contribution that the Crypto community is making in the fight against the pandemic is through the miners. Stanford University's "Folding@Home" project is using the computing power of many Ethereum miners to support research on COVID-19. There are already more than a million computers on the network and the computing power is impressive: this decentralized supercomputer is capable of performing 470 million trillion floating point operations per second (470 PetaFlops).

With these three examples, we see how the crypto ecosystem is really adding value to the fight against COVID-19. It is gratifying to see how the crypto community is working for the good of humanity by providing sustainable solutions in time.

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Written by   87
1 year ago
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Comments

This is a very good article ..keep posting more and more

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1 year ago

Man, so many use cases are becoming apparent in the wake of the pandemic. Everything from using blockchain for contract tracing for tracking infected people to distributing relief funds on Uphold-style crypto debit cards that convert the crypto to fiat on the fly.

And that's the just obvious uses..

Blockchain could be used in so many areas across the world right now, and if there's ever been a shot at mass adoption, it's right now.

The Red Cross has used blockchain in war-torn African nations to distribute rent assistance, housing assistance, food assistance, and more.

The drawbacks come in the form of inadvertently setting up a network capable of performing massive surveillance (heh, or advertently, if you don't trust the government) .

Great piece, like always!

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1 year ago

Blockchain is very useful for all types of supply chain. Even to ensure that these do not have thousands of intermediaries. The pandemic is also highlighting online education and its effectiveness over traditional education. Within all this nightmare there is also good news.

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1 year ago