In the global fight against the COVID-19 pandemic, technological innovation is making a significant contribution to overcoming the health crisis. From artificial intelligence to machine learning, all forms of technologies are being put to better use across various areas such as tracking the spread of the virus, research, and treatment of the disease. In response to the global health crisis, Blockchain technology is supporting the efforts of the world government with the integration in healthcare sector and food supply chains.
Blockchain technology has immense potential in the pharmaceutical sector with the robustness to connect the stakeholders of the health sector such as doctors, paramedics, and diagnostic centers to harness capital investments. Over recent years, blockchain technology has benefitted the health sector by securing public health records of patients and boosting the area of medical research. Traditionally linked with cryptocurrencies, blockchain has potentially improved the sharing of crucial information that can be used in the tracking of medical supplies at a time when the world is grappling with a shortage of PPE, masks, and gloves for healthcare workers.
Furthermore, the pandemic has largely disrupted the supply chain triggering concerns over global food insecurity. Notably, using blockchain technology has helped some companies to directly connect farmers with retailers, shippers, and financial institutions, eliminating the dependency on middlemen.
With employees slowly returning to work after stay-at-home orders, Blockchain can prove to be a game-changer for various companies. A well-recommended solution against cybersecurity risks, Blockchain can help the companies to maintain and safeguard virtual data of every employee once operations return to normal.
Taking note of the benefits of blockchain technology, the Center for Disease Control, in collaboration with the WHO and IBM, has also initiated a project to use blockchain to track COVID-19 hotspots, create a collective record of the crucial information, and disseminate the data to health centers when needed.
In the wake of the pandemic crisis, digital currencies have begun impacting the global markets with governments gradually easing regulations towards the expansion of the crypto market. By enabling a decentralized payment system, blockchain can help in money transactions through cryptocurrencies which will reduce the risk of virus transmission through cash and can also facilitate quick cross-border transactions. The demand for digital currencies has witnessed an increase in demand from both institutional investors and ordinary users. By 2023, the size of the blockchain industry is anticipated to grow to a phenomenal $23.3 billion.