The difficulties we are experiences have invigorated everyone to discover new and more effective methods of managing and controlling the business.
Recently, the World Economic Forum issued a report stating that blockchain and digitization could assist in making supply chains more resilient to prospective shocks by ensuring that supply chains are more visible to manufacturers. It’s so humiliating that it took a worldwide pandemic for people to realize these benefits.
As an apportioned and unchangeable ledger, blockchain can correctly track and trace the movement of goods in a supply chain, assisting manufacturers and business owners identify where issues might emerge during the production process and rather discover alternative suppliers.
This implies that while a manufacturer may have the ability to recognize problems with Tier-1 suppliers during a worldwide or regional crisis, they probably understand what is happening with the supplier’s other partners. This point is where professionals believe blockchain could play a vital role in responding to shocks.
During COVID-19 crisis, lots of manufacturers have realized that this is where the problem is and not in getting products or services rendered by Tier-1 suppliers but by their people, and in that lies the potential value in using blockchain technology to trace and track the whole supply chain to discover the potential roadblocks.
Benefits By Blockchain During COVID-19 Crisis
Just as the world is rising from the present crisis of Covid-19, blockchain technology is expected to take a major role in the daily health care sector, through the concept of a patient passport. For instance, taking this COVID-19 through a digital passport system, trigger notifications could be sent out; for example, if someone should enter an area with an increased gathering of infected patients.
A patient passport would provide other important advantages like an intense decrease in paperwork, the potential to inform first responders of pre-existing conditions, and enhanced effectiveness of analyzing data, and maybe even potential monetary awards for the distribution of individual data.
Fight Against Counterfeit Medicine
Currently, more than it was before, it is essential for patients to have total trust and reliance on the genuineness authenticity of the medicines or vaccines they are receiving from the pharmacy. Blockchain technology can assist with this by tracing the medicine from the manufacturer to the final consumer assuring the patient that the medicine or vaccine they are receiving has not expired and is not a counterfeit.
Help in Bringing a Vaccine
Moving back to the only point of truth concept, blockchain technology can be the major point where institutions can distribute data, test results, ideas, and notions.
Rather than a disconnected siloed environment with various authorities and organizations working independently to develop a vaccine, blockchain technology can be a major point that unites enhanced efficiencies and better distribution of vital information on the way of achieving and discovering a vaccine.
Without the COVID-19 pandemic will move blockchain into the center of attention and onto the schedule for lots of businesses.
Before the invasion of the Covid-19, about 92% of companies had believed that their business models require to be transformed due to digitization. Still, the COVID-19 pandemic has revealed how defenseless and vulnerable companies are.
The organizations and businesses that are already tech-enabled operated off the cloud and can use machine-learning to remodify targets, expectations speedily and business operations in the face of a worldwide crisis are the ones that will remain at the top even after all this pandemic is all over.
Blockchain will undoubtedly play a vital role in recovery and moving ahead.