Blockchain technology has been one of the most talked-about topics in recent times. Although there are a few problems with Blockchain, Enterprises are vouching for it due to its trailblazing features.
Pandemic was the time when almost everyone felt the need for Blockchain services. That is why many tech companies & government authorities stepped forward to build some robust blockchain-based solutions. But how did the pandemic push Blockchain forward? Read on to find out!
How the Pandemic is Pushing Blockchain Solutions Forward?
- The Proliferation of Remote Work
The pandemic has ravaged the entire world & has impacted thousands of businesses. While many small enterprises had to cut costs to keep the shop running, large enterprises had to let go of their employees or invest in crucial operational activities to stay afloat.
One thing that both large & small enterprises resorted to was remote work or work from home. This required shifting from traditional operations to cloud-based office activities. Employees had to use cloud services to ensure that work was not hampered in any way. In addition to that, many organizations started using SaaS, PaaS, IaaS & other cloud services to carry out their work.
On the other hand, large & small business had to carryout transactions in a smooth & uninterrupted way.
This is where Blockchain comes into the picture.
Since businesses can’t send out their employees/leaders to strike deals &complete transactions, they started leveraging Blockchain to sell out their products or complete business deals.
Did You Know? – Artworks are being showcased with the help of Blockchain Technology. Blockchain Art Collective is a trailblazing initiative that lets artists authenticate & manage their assets with the help of Blockchain.
- Blockchain Provides Robust Security
Blockchain technology has been known to leverage security technologies like cryptography to provide robust security to data.
Apart from this, Blockchain is based on decentralized ledger technology. This literally means that no person can simply hack the system to gain illegal access to data. Why?
Because the data is recorded in a series of blocks & each block is characterized by hash functions as well as timestamps. In addition to that, Blockchain also employs the consensus method. So, if anyone wants to change a particular set of data, they cannot simply do it in an illegal manner. That is because the new data has to be agreed upon by all the old data blocks.
- Enterprises are showing Interest in Blockchain Solutions
For the past many years, enterprises have been showing keen interest in Blockchain technology. They believe that Blockchain Post Pandemic will help in solving a lot of problems that were present in pre-pandemic offices.
Even during the pandemic, many tech companies, startups & individuals have developed technologies that leverage Blockchain to simplify various processes.
Although many organizations have showcases proofs of concepts, live adoption & deployment by companies &the public has been challenging. That is because two entities i.e., people or companies should agree on business models, IP rights & governance of data. On the other hand, Governments have been wary of Blockchain technology fearing their misuse.
Applications of Blockchain Solutions During Pandemic
- Rapid Medical Parts –Innovative Blockchain-Powered Platform
Retired USAF Colonel James Allen Regenor might not have expected getting a contract from Pentagon. For what? To convert a large number of sleep apnea machines into ventilators.
Colonel James Allen Regenor built a blockchain-enabled platform that helps you to sell or by 3D printed parts as well as printing instructions. Even traditionally manufactures parts can be seamlessly scanned & assigned with identifiers for tracking purposes.
So, what’s cool about it? These parts can be traceable with the help of Blockchain technology.
- MiPasa – Accelerating Public Health Analysis
Large organizations such as Microsoft, IBM, Oracle & World Health Organization as well as other tech companies are collaborating to build an open data hub based on Blockchain called MiPasa.
So, what does MiPasa do?
The primary objective of this platform is to detect infection hotspots & carriers of Covid-19. Then the system will share the information in a confidential manner to authorities, hospitals & individuals for accelerated public health analysis.
- Decentralized Marketplace based on Blockchain
The Dutch Government is collaborating with Tech company Tymlez to develop a network model technology. This model will be leveraged to seamlessly analyze & map the medical supply chain.
The primary objective of this platform is to create transparency about critical medical supplies such as ventilators & PPE. Government authorities & health institutions can use this technology to easily reduce the risk of hoarding medical equipment as well as other fraudulent activities and quality issues.
- Civitias – Seamlessly Sharing of Confidential Data
This Blockchain initiative is being spearheaded by the Honduran Government to let medical professional share crucial data about COVID-19 patients. This will enable the patients to travel to care facilities despite having COVID-19 symptoms. Police authorities can easily verify the travel rights of such patients even if they don’t have proper medical records.
These are some ways in which the pandemic has pushed the Blockchain forward. ARSR offers various Blockchain Services like Innovation Lab, DLT Integration, Consulting, Advisory and more.