Can Blockchain Help Combat Coronavirus?

Will Blockchain Be Effective Tool in Combating Coronavirus?

The coronavirus has unleashed a massive shock among the different communities worldwide. Thus, governments exert great efforts to fully suppress the epidemic.

However, the speed at which the epidemic – scientifically known as COVID-19 – spreads is currently proving difficult to manage because the geographic clustering of the virus has gone beyond China.

The coronavirus is not the first significant outbreak that took hundreds of lives and caused huge losses to the global economy. When the SARS outbreak began in China in 2002, authorities did not sound the alarm quickly. In addition, they did not share SARS details with the international health community. Accordingly, this resulted in nearly 8,000 viral cases.

The impact was pervasive as the country’s economy lost 2–3 percent of its annual real GDP growth, overall goods and services sales dropped by 5 percent. Moreover, the industrial production declined by 6 percent.

The coronavirus is no different as its economic impact is more serious than that of the SARS. More than 20 countries have reported infection cases, such as the US, Singapore, Japan and Thailand. Many of them decided to stop flights to China in an attempt to contain the outbreak.

Thus, it is still difficult to calculate the consequences, but some figures can already be noted. For example, Air France – KLM has reported losses of $200 million from the outbreak. In addition, the airline industry has suffered a loss of around $1 billion.

How to benefit from Blockchain in combating coronavirus?

With the launch of some tools to combat the spread of “COVID-19”, some people started to talk about the potential of blockchain technology.

In addition, technology companies have already begun using Blockchain to provide solutions aimed at tracking drug supply chains.

Some organizations are also testing the Blockchain capabilities in tracking medical supplies and managing health records.

Moreover, governments and health authorities will use the Blockchain technology in advising citizens and learning about the symptoms of coronavirus disease.

The Blockchain may also contribute to tracking donations in favor of efforts to combat the “Covid 19”.

 Cryptolydian earlier reported that, amid the outbreak of Coronavirus, Chinese government has taken a series of measures to keep the situation under control, which caused a mining facility, in particular, is forced to shut down.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.