Unforeseen effects of COVID-19 on blockchain adoption in India
Thursday August 06, 2020,
7 min Read
Although our supply chain system was highly efficient, it was never perfect. There were certain substantial cracks within the system. The COVID-19 pandemic has completely fractured the global economic system and exposed these age-old cracks. With the global economy on the verge of sinking, the world leaders are forced to get back to their drawing desk. Thus, financial analysts have been forced to rethink the connecting nodes of business value chains to save the world economy.
The possible solution to stabilizing the world economy is blockchain technology adoption. Blockchain offers provenance, immutability, security, and data storage. This is what our systems lacked for decades and this is what we need to fight the present crisis. The United States President has acknowledged blockchain as a critical infrastructure under the COVID-19 guidelines. As we all know, desperate times often call for desperate moves but, in this case, blockchain technology adoption will reform the world supply chain forever.
History of blockchain
At the initial stages, Blockchain was considered as a gateway to access bulk data. But this innovative creation was much beyond this. Blockchain allows access to data while ensuring that no tampering is done with the actual information. It also restricts access to only those who have been approved by the central authority. With the advancing technology, Blockchain adopted new features that transformed it into an ultimate data distribution system. So blockchain technology adoption can help to tackle various data distribution issues and can help to fight COVID-19 to a great extent.
Advantages of blockchain adoption in India to fight COVID-19
Blockchain is a digital ledger so, it has certain features that are self-sufficient to justify blockchain technology adoption. With the present health condition, many think tanks have agreed that blockchain is the only possible way to revive the supply chain without risking anyone’s safety. Its features can contribute to the betterment of the entire society. Certain advantages of blockchain adoption in India are:
Powerful Supply chain Management
Blockchain has various features that can revive the falling supply chain system. It helps to eliminate unwanted paperwork, track shipments, and perform real-time fund transfer. Additionally, blockchain allows blacklisting the vendors with frequent complaints. These features can help to tackle the COVID-19 pandemic. For instance, the disaster management team can use blockchain to stock up protection gear like masks, gloves, and medicines. Moreover, they can also use blockchain to divert the supply to the most vulnerable parts of society. Thus, blockchain adoption in India helped to reduce the emerge of new red zones.
Blockchain has a strict data protection system. It ensures that the data is always secured to ensure the reliability of the information. A system like this is very essential to outlast the COVID-19 timeline. The government can use this system to track the virus outbreak and keep all health records. The officials can act immediately based on these data, as there would be no need to cross-check the information. Thus, blockchain adoption in India has made it very easy to serve medical help to all the people quickly.
Trustable Data Management
The COVID-19 pandemic has managed to hit us hard because of our shabby data management system. Our present system lacks dependency and has a highly restricted data sharing option. COVID-19 requires the transfer of bulk health information globally. Thus, Blockchain comes to the rescue in a scenario like this. It completely abolishes the risk revolving around unverified information and provides a unique verification process. Additionally, it can also be used to manage and organize thousands of data at the same time with the help of its automated data verification process. It also has features to control data privacy. For instance, Blockchain can make the data private, available to a selected group of people, or completely public.
Solving COVID-19 problems with the help of blockchain technology adoption
With increasing cases of COVID-19, lockdown and social distancing have increased all over the world. As a result, data exchange and privacy have seen some steep obstacles. Blockchain technology adoption can help to resolve these dilemmas by-
Blockchain provides a centralized supply system. It keeps all the records and directs the users to act based on that information. For instance, it can store the record for the donations received to buy medical supplies. Then it will look up the red zones and redirect the financial support to supply equipment in those areas. This is one of the major reasons for blockchain adoption in India
Data Privacy and Security
The data related to COVID-19 is very sensitive. Thus, there must a system to ensure that this data is accurate and in safe hands. Blockchain does this job with ease. It secures all the data with automated data verification and allows access to a selected group of individuals.
International Data Exchange
The entire world is working together to fight back COVID-19. Thus, all the countries need to share their data so that they can keep a record of all the actions taken globally. Officials will use this data to flight emerging hotspots and locate the hospitals near those areas. This is one of the significant advantages of blockchain technology adoption.
Blockchain helps to maintain a record of all the patients with the help of a QR code. These data are encrypted and stored in the servers. With the help of this data, the contacts can be traced, their locations, and the people that might come in their contact. Thus, blockchain technology adoption can help to prevent community transmission to a great extent. Moreover, Blockchain servers will delete all these data after the pandemic comes to an end. So, the privacy of all the patients is safe and there is no scope for compromise.
At present, social distancing is very important to cut the rates of COVID-19 transmission. So, it is very essential to use online applications wherever possible. For example, Blockchain servers can monitor all the insurance claims and process them seamlessly. This process will be hassle-free as there is no need for data verification and other paperwork. Thus, blockchain adoption in India can help all the patients in the country.
Future offers by Blockchain to fight COVID-19
The above examples justify that is impossible to overlook the importance of Blockchain in fighting COVID-19. Since 2010, blockchain has been seeing an increase in the use of case scenarios, and with the passing years, this will rise dramatically. The new adaptations of Blockchain will implement a multi-industry portfolio over the traditional open banking solutions. There will always be a room for improvement, but that can’t stop Blockchain to enrich its global reach. Thus, blockchain adoption in India will not only help to fight COVID-19 but also enrich the national economy forever.
Conclusive view on blockchain adoption in India post COVID-19
A centralized data exchange system that guarantees verified data seems to be the only solution to fight the global digital crisis at this moment. The governments of various countries have stressed on blockchain technology adoption in their COVID-19 guidelines. Additionally, the blockchain adoption in India has shown some promising results in the digital economy and disaster management. But this fight is far from over. All we have to do is stand united and fight back to save humanity from this global pandemic.