Blockchain Technology Struggling with Coronavirus
Risks

Blockchain Technology Struggling with Coronavirus: Any Chances to Succeed?

Coronavirus disease has threatened all the countries spreading at a lightning speed within several months. The pandemic hit the planet very hard and the negative consequences are unprecedented. Web resource thetradable.com devoted to highlighting financial news, recently reported about an interesting solution elaborated to fight coronavirus.

The USA, Iran, Italy and the United Kingdom are desperately trying to keep the spread of the virus under control and minimize the number of deaths. However, in South Korea, a number of fatalities started to increase again after a relative fall. The last data reports confirm there are about 2 million cases of COVID-19 in the world and 126,859 deaths.

Fortunately, medics received an unexpected ally in the struggle with coronavirus. Blockchain technologies are now used by Chinese government and medical institutions worldwide to fight the illness. Within a short period of 1-14 February, approximately 20 new applications were introduced to help cope with a set of problems caused by the virus. Encrypted data technologies are predominantly used to track records, transactions and various data.

Nowadays, blockchain technologies that are no wonder in a finance industry, demonstrate a huge potential of being useful in many other areas of human activity. Experts admit the healthcare can also benefit from the advantages of blockcain especially in the times of pandemics.

For instance, the purpose of CDC in the United States is to promote a smooth flow of data regarding infectious diseases between the state and local departments of health. It’s pretty difficult to do this job on time and with the lowest possible amount of the attracted resources. Blockchain technologies can become very helpful in this particular case because they can provide real instruments to guarantee privacy, maintain security and make the overall process much quicker.

Medical information is always very sensitive, that’s why CDC is obliged to guarantee that only professional medics can access the data. Severe safety protocols must be implemented taking into account a large portion of different processes that are carried out manually. All this takes time which is perhaps the most valuable resource during COVID-19 pandemics. And it is blockchain that has the necessary potential to improve the process making it faster and more optimized.

Benefits of Blockchain for Healthcare

Blockchain technologies can be regarded as a forefront in a battle with coronavirus by means of a network that consists of many connected devices. First and foremost, the technology can help digitalize such routine operations as collecting, analyzing and processing relevant data due to the instruments of artificial intelligence and machine learning. On the other hand, the system can generate possible patterns of actions in a blink of an eye in case the outbreak happens.

Blockchain solutions are highly scalable, work in a real-time mode under an impressive speed. All these advantages can create a significant competitive edge in a struggle with the illness.

BurstIQ’s CEO Frank Ricotta recently admitted:

“Connecting health data sets around the world are becoming increasingly critical to deal with world health issues. From a big picture perspective, enabling collaboration between research organizations, government organizations, and international NGOs is absolutely necessary for the next decade and beyond. Currently a big inhibitor”.

The communities hurt by the coronavirus faced a very challenging issue, namely, a reasonable allocation and donation of relief supplies. Fortunately, Alipay managed to develop an application that enables its users to track the entire supply chain of illness prevention materials. Since many parties are involved in the process, security is a top priority here.

Taking Care of the Patient’s Privacy

Patients must be 100% sure their private information shared with the doctors will never leak outside. When a patient feels comfortable, it generally improves the treatment process. This also makes it easier for the medics to define correct diagnosis and provide a better care, thus slowing the spread of COVID-19. In terms of security, blockchain technology is a perfect fit.

Keeping Track of the Virus

HashLog is an instrument for data visualization developed by Acoer and used to monitor the virus spreading. The application unites the efforts of scientists and journalists providing actual data regarding the spread of the coronavirus in a real-time mode.

What Are the Prospects for the Future?

Blockchain is by no means a magic wand to overcome coronavirus disease. But it can be effectively used in the healthcare industry facilitating communications, providing improved security of data flows and promoting better collaboration between local communities and state. Many governments all over the world have already appreciated the advantages of this cutting-edge technology and the way it speeds up the process of communication between countries.

There are reasonable grounds for a growing optimism regarding the introduction of blockchain technologies in the healthcare industry. We hope blockchain will become one of the lacking chains contributing to the final defeat of COVID-19.