Blockchain

Five Ways Blockchain Can Help Us During This Pandemic

Five Ways Blockchain can Help us During this Pandemic
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Undoubtedly, this is one of the unique turning points in history. The pandemic caused by Coronavirus will radically transform our habits and society. Lots of establishment will come under inspection, and we desire transformation for the better. 

Currently, the Blockchain Research Institute is doing everything within its might to bring about positive transform. Different technologies such as Artificial Intelligence, the Internet of Things, Augmented/Virtual Reality, and most importantly, blockchain are more significant than ever before, not only to businesses and the economy but also to the future of people’s health and the safety of the world populations.

Genuinely, the traditional systems have disappointed us, and it’s time for us to replace that a new modem. To develop on Victor Hugo, “Nothing is more powerful than an idea that has already become a necessity.” 

Health care issues and Blockchain: A framework

Based on the pressing need for universal solutions, the Blockchain Research Institute summoned a virtual roundtable of 30 professionals from five continents. They talked about the challenges of COVID-19 and the possibilities of using blockchain in aspects needed. In their special report, “Blockchain Solutions in Pandemics,” they developed a framework for tackling pandemics together in these five areas. 

1. Self-sovereign identity, health records, and shared data

Data is an essential asset in tackling pandemics. Assuming that any useful information currently exists, it stays in established silos. We need good access to the data of the whole population and a fast consent-based data distributing system. To fasten discovery, the blockchain start-up Shivom is working on a world project to gather and distribute virus-host data in reaction to a call for action from the European Union’s Innovative Medicines Initiative.

In Honduras, Civitas – an app built by the start-up Emerge – is connecting Hondurans’ government. They issued ID numbers with blockchain records, which is used to track medical appointments. The Doctors have to scan the app to review a patient’s symptoms confirmed and recorded by the telemedicine services.

The Oxford-Hainan Research Institute and Dr. Raphael Yahalom of MIT are presently working on Trustup. 

It is a trust-reasoning framework that can systematically spot the mediums in which health data logged on a blockchain ledger is more reliable than data kept in typical databases. 

The compromise between privacy and public safety requires not to be so strong. Through self-sovereign sameness, where individuals have their health records and can generously offer it to researchers, they can accomplish both.

2. Just-in-time supply chain solutions

Supply chains are vital infrastructure for our world connected economy, and COVID-19 has put them under enormous strain, revealing potential vulnerabilities in their design. They must reconstruct supply chains to be clear, where the users can access information rapidly and believe that it’s correct. 

The start-up RemediChain is currently doing that for the pharmaceutical supply. One of its co-founders was interested in tracking and recycling any unused but still effective medications like the ones used for cancer. He identified blockchain as a means of regaining their chain of custody: 

By posting the drugs and its expiration date, everyone in the country can develop a decentralized national inventory of surplus medication. When there is a rapid run on previously general medicine such as hydroxychloroquine, healthcare professionals can choose this excess as a life-saving resource. The same belief applies to ventilators and PPE.

The blockchain serves as a “state machine” that provides apparency into the state of our suppliers and the assets themselves. When COVID-19 struck, the start-up VeriTX a virtual marketplace for digital assets like explicit design files pivoted to medical supplies.

In other words, medical facilities can print the parts required at one of the 180 3D printing facilities in the VeriTX’s network. VeriTX can hack apart and then develop it quicker and at a reduced cost than obtaining it from the primary manufacturer or replacing the equipment.

3. Sustaining the economy: How blockchain can help

Assuming supply chains are the machinery of world commerce, then its lubricant will be money. Nevertheless, money known as a carrier of the disease has been causing stress during this pandemic. We spot what, why, and how of digital cash as another choice. Prices are also a problem. The Ethereum-based Solve.care platform is powerfully reducing healthcare administrative prices so that more of a patient’s medical budget goes immediately to care.

The health issues have already become a financial problem, ending access to supply chain credit. We see the blockchain-based financing solutions like the Chained Finance and fundraising struggles such as that of the Binance Charity Foundation. Eventually, decentralized types of governance like those built by blockchain start-ups Abridged and Aragon can change how the NGOs, governments, and communities’ reactions to the problems.

4. A Quick response registry for medical professionals

The front-line medical experts are the superheroes and our last line of defense. However, hospitals can’t onboard people rapidly enough. This is not due to inadequate talent; it’s the incapability to discover those with valid credentials.

Blockchain platforms like Dock.io, ProCredEx, and Zinc. work assists in simplifying coordination amidst various geographies, and certification bodies so that supply and demand for healthcare workers and also the process for confirming their skills becomes more effective and precise.

5. Incentive models to reward responsible behavior

People reply to incentives. The blockchain serves as a mechanism to synchronize the motivations of stakeholder groups around problems and activities, transforming models of action in the process. For instance, the Heart and Stroke Foundation of Canada worked with Interac to micro-motivate healthy behaviors, and Toronto’s University Health Network collaborated with IBM to manage health records into the hands of the patients. 

An action plan for the new paradigm

Lots of these transformations are beyond the period of this COVID-19. But lots of it can be implemented rapidly. 

Governments must rise to the chances of blockchain. Every national government should develop an emergency task force on medical data to begin the planning and executing blockchain initiatives. 

They can induce the growth of technology firms working on the solutions explained here. They should also collaborate with medical professional associations and other significant players to execute blockchain credential systems.

The private sector affected by COVID-19 must set the pace. They must begin now by including blockchain into their infrastructures. Most companies require to go on with their work on medical records, credentialing systems, incentive structures, and other sovereign identity solutions. When building these pilots, companies could regard embedding incentive systems for socially responsible lifestyle. 

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