3 exciting use-cases of blockchain in times of COVID
The pandemic has allowed us to explore uncharted realms — including blockchain technology. This short blog post intends to provide an overview of the exciting use-cases of blockchain that could help us better navigate the pandemic.
Since a vast majority of COVID — 19 cases are asymptomatic, it is imperative that every person who has come into contact with the infected be diagnosed.
Several mobile applications have been developed with Bluetooth Low Energy (BLE). We can use BLE to identify all mobile-phones or IoT devices that have been close to the infected. However, data security and privacy are significant concerns. The introduction of blockchain technology can offer decentralised solutions allowing users to retain full control over their data.
Disaster relief and insurance
Nationwide lockdowns have affected the economy in numerous ways. Businesses across the country depend on banks and other financial institutions to avail loans. The traditional procedure to acquire loans is cumbersome and ineffective. The utilisation of smart contracts can eliminate such processing delays and eventually become independent of intermediaries.
Sharing patient information
As a rule of thumb, blockchain technology has a role to play wherever there is a threat to data privacy and security. Sharing patient information within a country, and internationally has to abide by strict data access control policies. The decentralised storage systems of blockchain can break the traditional silos of sharing medical records, and streamline the process whilst eliminating expensive intermediaries.
Uploading MIoT ( Medical IoT) to a blockchain enables us to share data real-time and prevent data forging and mutation.
The use-cases mentioned above are only the tip of the iceberg. Stay tuned to our next blog-post where we take a deeper dive into these, and talk about more such exciting use-cases.