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Impact of Covid-19 on Blockchain Industry

Impact of Covid-19 on Blockchain Industry

Coronavirus epidemic 2019, one of the biggest pandemic faced by the 21st-century human race with no definite cure on it. Within 4 months, the virus has reached almost every country. Additionally, the worldwide economy is facing a recession as a result.

This is because local as well as global industries are closed down as a preventive measure to reduce the spread of coronavirus.

Despite the fact that the world has faced pandemic previously, the effect it had on the worldwide economy was negligible. But in the case of coronavirus, every industry around the world is facing the heat and so the blockchain industry.

Covid-19 impact on Blockchain Industry

Covid-19 has highlighted the shortcoming in the system across various industries, including supply chain, logistics, healthcare, finance, and many more. It has additionally displayed the inability to deploy resources, and issues with managing, storing and sharing the data in a transparent and secure manner. These difficulties have unlocked the true potential of blockchain technology.

Covid-19 has flagged a path for the faster adoption of blockchain in the healthcare industry. Many organizations such as the World Health Organization (WHO), Oracle, IBM, Microsoft, government bodies are working to build blockchain-based platforms and solutions.

Various healthcare stakeholders are at different phases of planning, designing, executing, and adopting blockchain-based solutions to face key issues during the Covid-19 epidemic. Both private, as well as public medical systems, are looking for blockchain-based solutions for electronic health record (EHS) system to outline the healthcare data such as health summary, prescriptions, and reports.

According to the research, the below graph shows the increasing global adoption of blockchain technology in various industries. Starting with financial services, followed by a small rise in tech, media, healthcare, and consumer products as compare to other industries. Hopefully, Covid-19 will speed up the blockchain adoption in healthcare faster than ever before.

enter image description here Source: Pulsehyip Solutions

Blockchain Technolgy post Covid-19

World Economic Forum looks to blockchain to reset the global economy While trying to address the vulnerabilities in the supply chain revealed by the Covid-19 pandemic, the World Economic Forum (WEF) published a report about the deployment of blockchain-based solutions. Additionally, it has developed ‘Redesigning Trust: Blockchain Deployment Toolkit,’ which is proposed to support governments and organizations to boost the benefits and limit the risks caused due to Covid-19.

US Federal Agency utilizing blockchain for drone transportation The US Department of Transportation's Volpe Center recently issued a report where it discusses using unmanned aerial vehicles (UAVs) or drones that would run on the blockchain. The government office is seeking operating weapons for security purposes to transport healthcare supplies and e-commerce services. Further, the report clarifies the requirement for more grounded protocols, which guarantee privately owned businesses don't interfere with government aviation protocols.

The potential use of blockchain technology during the Covid-19 crisis

There are different ways by which blockchain technology can be used as an extraordinary tool to handle the situation.

To track donations- It assists with the tracking of donations that has been contributed by the people until it arrives at the required destination.

Insurance claims- It can make the insurance claims simpler through the online procedure without interacting with any other individual.

To track the supply chain of healthcare materials- The ideal quality products can be tracked from its dispatch to maintain a consistent flow of goods.

For managing data- Many healthcare organizations have opted for blockchain solutions so as to track the proximity of the virus subsequently guaranteeing tamper-free data being shared.

Category Blockchain Technology