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NEO · 5d

5 Ways Blockchain can Mitigate Coronavirus Damages

The COVID-19 outbreak has almost stalled the world. Although it took thousands of lives, another major problem is the crippling of the economy, costing millions of jobs.

Though governments came up with trillion-dollar stimulus to support every affected industry – from finance to aviation – the real challenge would be the distribution process as the scale for that is massive. And blockchain exactly fits here.

Introduced by Satoshi Nakamoto in 2009, Bitcoin is disliked by many in the traditional financial industry, however, no one can deny the benefits of blockchain, the underlying technology of the digital currency.

In fact, many companies and governments are actively developing blockchains for specific uses.

As suggested by many experts, the decentralized ledger technology (DLT) can be used in many ways to pull people up from the damages COVID-19 has made on their livelihood.

Stablecoin for making payments

Fiat-pegged digital currencies can be used in a situation like this when the government is trying to distribute funds to all the citizens.

As explained by Catherine Coley, Binance.US CEO, on her piece on Coindesk, the government can distribute relief funds to all citizens as they do not need mail addresses to receive cheques.

As President Donald Trump is planning to distribute the stimulus in multiple installments, she suggested that the funds can be stored in escrow accounts creating a smart contract, which will instantly deposit the funds to citizen’s accounts.

The process will be fast, secure, and can save millions of dollars as Coley estimated that the traditional way of fund distribution via cheques can cost at least $138 million.

Blockchain to track the movement

Another major utilization of DLT can be in tracking and tracing the movement of goods, making it an essential part of the supply chain.

To maintain an efficient distribution network, the authorities need to ensure proper tr...

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