The Coronavirus outbreak in China has left many devastating effects on Chinese businesses and the economy. Blockchain against Coronavirus is emerging as the redeeming factor for the Asian country.
The regime is employing every possible tactic for tackling the virus and minimizing its effects on the populous. The need to ensure patients’ privacy, keeping a tab on medical records, and track various transactions, has led the government to seek the blockchain technology in curtailing the spread of the Coronavirus.
Several blockchain-based applications have been developed since the outbreak of the disease to tackle the emerging challenges posed by the threat of the virus. The apps are designed to ensure people’s privacy, identity, and medical records using the blockchain against Coronavirus and other medical conditions.
Several Chinese businesses and factories are now struggling to reopen for business activities, and the majority of them are operating below their capacity due to the Coronavirus epidemic. The need to curtail the spread of the virus made the government quarantine its used banknotes. The recent development is the use of blockchain technology tactics in curtailing the virus.
Many donations have been made since the outbreak of the virus, through a blockchain app developed for tracking donations. Shanzong app, a product of Hyperchain, a Chinese blockchain startup, has recorded more than half a thousand donations through the blockchain platform. The blockchain-enabled app allows donors to track their donations, and when and how it has been used for medical procurements.
China needs blockchain, and the world needs china
The epidemic outbreak has affected a lot of economic activities and transactions in the world. It is not only China that has been affected by this unfortunate development, as several crypto conferences and events have been postponed or closed for safety reasons.
A devastated economy in China will also have a devastating effect on the world market. The blockchain technology is readily available to China’s beckon to weather the storm.
Featured image by Pixabay
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