The disruptive potential of Blockchain technology, its application in industries, cryptocurrencies and distributed ledger technologies are among the most popular discussion topics of recent years, and it looks like it will continue for a while. So how can this technology help us get out of the tough days we are in?
COVID-19 has put the world in a difficult situation economically as well as in health. The potential of Blockchain technology could assist in this recovery phase more than ever.
Supply chain
Using blockchain in the supply chain was one of the first uses of this technology outside of cryptocurrency. Technology that can offer transparency about where goods come from is used by many different industries today. We can give many examples of the use case of Blockchain in the supply chain, from the production of fine wines to plastic recycling.
As COVID-19 swept the world, global supply chains were completely disrupted. Manufacturers connected to the part from China were delayed in production. Fluctuating demand increases in certain categories resulted in an unprecedented "out of stock" and empty shelves. As such, retailers and manufacturers struggled to find alternative suppliers of these goods. This complex and time consuming situation, even under normal conditions, has become almost impossible with the spread of the pandemic.
Blockchain can help businesses in industries see where their orders are coming from more clearly, which becomes even more important during a global pandemic and helps organizations easily engage with alternative suppliers.
Contact Tracking
This relatively new area for Blockchain emerged as a response to the pandemic. Many governments use contact tracking to measure exposure of infected people. Even tech giants Apple and Google have joined forces to develop COVID-19 contact tracking technologies. However, at this point, collective data collection and information privacy is a major concern.
Blockchain technology can reduce some of the privacy risks posed by contact tracking, thanks to its decentralized nature. The information cannot be changed or deleted, as the data is organized in sequential and separately connected blocks. Users can join using an anonymous identifier for their device, so people can protect their privacy even though the information is shared.
Antibody Development
Red Cross collects plasma donations from recovered COVID-19 patients as the antibodies in their plasma can help fight the virus in infected patients.
Since the government and health organizations are also investigating the effectiveness of antibodies in combating COVID-19, it is extremely important to ensure the integrity of each sample and where these antibodies come from. It can provide a secure and transparent record of the journey of every antibody source, from blockchain removal to the patient. This not only ensures that patients receive the intended treatment, but also helps track outcomes.
COVID-19 has completely changed the way people around the world approach health and safety. Behavior that seemed trivial a year ago, such as taking the subway, attending a graduation ceremony, or going to a concert, are all potential ways to get infected.
It will take time to completely get rid of COVID-19. During this period and beyond, people will tend to be more careful about what they put in their homes to what they eat. The use cases above are just a few examples of the ways in which the blockchain enables both organizations and consumers to have a transparent view of the goods they use and produce.