The COVID-19 pandemic has already shown that blockchain, even at an early stage of development (i.e., now) could meet pressing global needs and provide an accelerated response in the fight against the virus.
To date, blockchain-backed solutions have not been widely adopted in any of the sectors listed, and are currently only at the beginning of the experimental implementation stage, moving from theoretical designs to feature testing.
Still, there are technologies introduced that have found practical application in completely different fields and that have benefited large numbers of people during the COVID-19 pandemic. Blockchain helped not only raise the living standards of thousands of people and save their lives to a technologically new level, but also enabled them to make a profit while staying home.
Blockchain is on health guard
Throughout the current pandemic, many are being introduced and tested tracking systems and applications as ways to streamline and securely transfer user health data in real-time mode.
Adapting to rapidly changing conditions and trying to stop the spread of the COVID-19 virus worldwide, many governments are beginning to implement tools that allow users to be tracked to monitor the current location and condition of infected people. This system requires the collection of confidential information to understand the user's path during the last period of time During which infection was possible, therefore, governments pay great attention to guarantee the security and confidentiality of the data received from the user. That is why they turned to blockchain technology that provides certain guarantees by decentralizing the storage of this information and keeping it only for the user.
Among the currently existing solutions, is the application Coalition thrown by the decentralized IoT startup Nodle It allows its users to independently report their infection, while other users automatically receive notifications of possible interactions with the infected person and are offered follow-up medical care. The solution uses Bluetooth technology and cryptography to track user activity and generate random anonymous identifiers to protect their identity, while all data is stored locally on users' phones.
Another company, German technology MYNXG, he has created a blockchain-based tracking solution that guarantees user privacy. One more example is the application of DNA and coronavirus tests based on Telos which is currently developing Genobank, a decentralized ecosystem to store biomedical data. It will allow individuals to receive the results of the tests anonymously and send them to the appropriate organizations. The company Tymlez DLT introduced another solution in the Netherlands that proposed using blockchain to improve the supply chain of medical products to avoid a price increase.
Staying home and getting paid for social interaction
Once at home in self-isolation, people start looking for different activities trying to guarantee social interaction with the world around them. Some people even try to make money from this, Since approximately 81% of users (of 3.3 billion people) are left at home without work during the pandemic due to the inability to do it remotely.
To help those who were left without work or without access to ONFO banking services, a stable currency based on the stable consensus protocol that relies entirely on people's social networks to develop the system as a whole. Instead of using the typical concept of "proof of work", the developers created the idea of "stress test" when someone earns coins by "proving" that they are a real person. Every time a real person sends information to another user (called "social mining“), A confirmation is sent to the system and coins are issued.
According to JR Forsyth, founder of ONFO And medical, the main value of the project is to help unbanked people from all over the world to be part of the modern economy:
“ONFO has the capacity to change lives to improve and provide an improved financial path for the oppressed worldwide. Ultimately, systems like us will become the currency of choice in our increasingly interconnected global society. ”
The latest study of the project showed that social mining works particularly efficiently in developing countries, which is not surprising, since it is there where people have the maximum access to the Internet and the minimum to banking services and, in generally to financial instruments. So approximately 80% of Indonesia's population, the leader in social mining in the experiment, remains without bank access. Given the average annual earnings in developing countries, approximately ten times lower than in developed countries, it is logical that in developing countries social mining indicators were 4 times higher than in developed countries.
Path to a brighter future backed by blockchain
Blockchain technologies offer great potential in many areas affected by COVID-19, especially in healthcare and social media. However, due to a pause in investments and the prioritization of urgent expenses, the blockchain may be forced to decrease temporarily.
In one way or another, thanks to the pandemic, humanity clearly saw all the advantages of blockchain technology: confidentiality, reliability, transparency, and therefore Blockchain investments are likely to recover as soon as the pandemic weakens. However, the financing process may change, with larger players collaborating with many innovative small blockchain companies, as the practice shows the success of such cooperation now: not only companies, but also end users are benefiting. , and this is the key to any success.