A simple tech solution to tackle the challenges and start moving again
Blog - Blockchain
The global epidemic has impacted industries, such as healthcare, finance, politics, economics, and education, etc. These must constantly assess and improve their processes and technology to compete effectively. On the other hand, tailoring existing packages or aging systems take time and money. Instead of starting from scratch, the simplest solution is to integrate new tools with existing legacy technology.
Businesses that have already invested in and are implementing new technology with better positioned to meet the business demands. Some of it continue to rely on legacy processes that are to their limits, exposing their inefficiencies and reliance on manual processing.
The absence of adequate and up-to-date data on the outbreak and expansion of novel coronaviruses is one of the most critical matters during this pandemic. Technologies such as blockchain significantly assist in resolving. One of the most needed and latest solutions is to adopt a distributed ledger technology and peer-to-peer networking to provide verifiable and secure data. This technology is crucial in the effective management of the post-COVID-19 world. Many use cases can benefit from the key features of blockchain technology, including contact tracing, disaster relief, patient information sharing, e-government, supply chain management, immigration management, production management, automated surveillance, non – contact delivery, and distance classes.
Blockchain as a solution for today’s challenges:
- Demand generation gap
Pandemic crises cause a supply-demand gap. It raised the challenging task in front of factories to deal with the losses incurred during the lockdown and facing difficulties in creating a new type of working environment which includes social distancing and working with a small number of people to avoid physical contact. Blockchain streamlines the supply chain process and brings transparency to it.
- Counterfieting product
Even during the current global crisis, there have been indications of counterfeit medications and low-quality materials sold to individuals and organizations in desperate need of these items. As a result, there are trust issues in the supply chain. Blockchain not only offers an easy way to manage the supply chain. It also allows for the differentiation of quality products from counterfeit ones.
- Tracing of an infected person
In the specific instance of a highly contagious disease like COVID-19, we need a reliable solution that can quickly identify people who have been in contact with an infected person to develop a precious public health strategy to restrict the infection’s spread. Individual infectious disease management and precautions will be required in infected close circles to re-establish some level of normalcy. In this regard, contact tracing is an essential tool. Blockchain, which collects information from individuals without identifying them using a system of public and private keys, provides a well-organized and straightforward solution to this problem.
- Customer migration
Presently in the market, customers preferring the online mode for shopping, and customer migration started. Besides that, online and retail businesses become highly competitive to get better customer engagement. Blockchain technology has the potential to enhance productivity and engagement quality to make data more accessible. As per the consumer standpoint, this technology significantly transforms consumer relationships by improving data, information transparency, privacy, and security with its potential. It also allows for novel forms of consumer loyalty and reward programs, which may aid in the creation of additional value to the business.
- Trusted technology solution
In the traditional way to establish collaboration between two parties, a third person is involved in contract generation. It can be faked or tampered with if it’s not protected or verified by a certified professional. A few wording changes can have a significant impact on the final agreement. On the other hand, the Smart contract solution offered by blockchain can resolve this challenge very wisely. They do not necessitate the authority of a third party to verify their authenticity. It allows the contract’s parties to save time, money, and security on a specific transaction.
Blockchain technology is built on a distributed, robust, secure, private, and immutable performance framework that can substantially alter the nature of trust, value sharing, and operations. The COVID-19 crisis has exposed the shortcomings of ongoing trust and data sharing systems. While this pandemic poses a clear and serious threat to our way of life, it also provides unique ways to apply and test emerging technologies that may convert our capabilities to combat this pandemic while establishing a more efficient, democratic, and secure system.