The current COVID-19 pandemic is threatening to bring the world to a standstill. Everybody, famous or infamous, rich or poor, has currently been rendered equal in fear. Governments in America, Asia, Europe, Middle-East and Africa are going for a total lockdown to try and stop the spread of this killer virus that has claimed thousands of lives around the world and still spreading like bush fire.
Many businesses have closed shops in these difficult times. Others have opted for unorthodox means to try and stay relevant while hoping and praying for the return of better days.
However, for the FinTech industry, it is a race against time to try and offer solutions to the COVID-19 pandemic using Blockchain technology.
Blockchain technology has been hailed as the mother of all inventions in the 21st century. It has offered numerous solutions to many problems that have affected humankind over the ages. Currently, almost all departments ranging from, infrastructure, healthcare, transport, communication, and sports have adopted blockchain technology.
WHO launches a blockchain platform to Fight COVID-19 in partnership with blockchain and tech companies
With the COVID-19 Pandemic unfolding too fast for institutions and governments to keep track of the data concerning the Pandemic, the World Health Organization (WHO) in partnership with tech and blockchain companies launched a blockchain platform called Mipasa that would help in sharing information on the coronavirus.
Mipasa is based on distributed ledger technology (DLT). Its main purpose is to help in the early detection of those infected with the COVID-19 especially in the infection hotspots.
The companies involved in the development of the platform include Hacera, an enterprise blockchain platform, Microsoft, an IT corporation, IBM, a technology company and Oracle a computer firm.
The fact that the platform uses blockchain technology makes the shared information full-proof to doctoring. The platform shall also facilitate private sharing of information between individuals, health institutions and organizations as well as state authorities. Therefore the patient’s privacy is guaranteed.
According to the platform’s official website:
“MiPasa can help monitor and foresee local and global epidemiological trends and detect likely asymptomatic carriers by feeding big data on infection routes and occurrences to powerful AI processors around the world.”
The platform has also received backing from several state health institutions including the Centers for Disease Control and Prevention in Europe, the US, and China. The Department of Health of Hong Kong, China’s National Health Commission and the Government of Canada have also offered to contribute to the project.
UAE’s Ministry of Community Development (MOCD) is also adopting DLT-based solutions
The Ministry of Community Development (MOCD) in the United Arab Emirates has also been reported to adopt DLT-based solutions to facilitate the work from home situation. DLT shall make it possible for the distribution of official documents and identity verification, thus allowing the customers to engage with the MOCD at the comfort of their homes.
Blockchain proposed as the best means for the US to distribute the stimulus package
There are suggestions that the United States Government should consider using blockchain technology, especially DLT to distribute the stimulus package that the government intends to give. Experts have suggested that the US could launch a “digital dollar” based on the DLT.
China also using DLT to censor the spread of the Virus
China which was the starting point for the Coronavirus pandemic deployed blockchain in a number of areas in its efforts to fight the virus. It has adopted DLT to track the spread of the virus, distribute medical supplies, monitor health records and also distribute charity donations.
Could blockchain help in winning the fight against COVID-19?
It shall only be a matter of time before we get the real answer to this question. However, governments, institutions, organizations, and individuals have adopted the use of blockchain technology as the fight against COVID-19 intensifies.
There are reports that over one million personal computer users have donated their processing power to a distributed computing project being referred to as Folding@Home that is working on the simulation of protein dynamics, to find out therapies that can be used for the COVID-19 patients.
There are also reports that Bitcoin users and miners have also joined in the fight. A group of Bitcoin users calling themselves “CoroHope” are said to be working on a coronavirus vaccine.