Blockchain Here, Now and What is Ahead
Life under the new normal means we’re taking things cautiously while trying to jumpstart the momentum that have been derailed since the lockdown. Projects are restarting, old and new collaborations are materializing and while industries were disrupted, the pandemic would make these industries more resolute — to be better equipped moving forward to lessen the regressive impact of future pandemics.
Industries were severely impacted and disrupted by this year’s pandemic. The supply chain, the essential process that allows production, shipment and keeping products available for consumers, was hampered by factors such as workplace safety, health of workers and the sanitation of the products. While manufacturing, logistics and end-consumer markets all made adjustments to weather off the healthcare storm. Then, consumer markets felt fears of shortages and delayed restocks due to the pandemic.
Even before the pandemic, Blockchain was hailed as the next big disruptive technology that will transform the supply chain industry by making processes that were once dependent on human actors as verifiers, move away from that point to point verification. The result is a much more free-flowing and yet more accountable supply chain that cuts process stoppages. It will make operators and contractors operate more seamless that operate on a verified trust-based network without the need to test the trust between parties through double verification processes. Instead, trust test factors such as quality assurances on incoming manifest are processed seamlessly by cooperative networks.
Healthcare and Tracing on the Blockchain
The Coronavirus pandemic left the world in fearing the deadly nature of viruses and infectious diseases that could evolve overtime. Back to the pre and early 1920s, the world grappled with the Influenza pandemic and the chronicles of such time, such as first-hand experiences, the psychological and emotional impact, are virtually unheard by society’s non-historians as both pandemics are separated by a century.
Despite the shortcomings of policies, lapses on pandemic responses and the spread of misinformation, society today is much more better equipped compared to the contemporary 20s with the progress of medical science and a healthcare structure supported by technology as a backbone. One of the most successful strategies in combatting the Coronavirus pandemic is thru contact tracing where suspected and probable asymptomatic persons are tracked back by the authorities for testing and possible quarantine. Despite the technology employed, contact tracing is still a time-consuming process where the number of people needed to be investigated and verified that number in the thousands, across different geographical locations.
During the pandemic, we have heard of news where technology is employed to improve the potency of the pandemic counter-measures:
- Blockchain use case as a backbone for disseminating vital and verifiable health information based on a trusted network.
- Digital Identity for healthcare records to determine patients who are at high risk with the Coronavirus.
- IoT powered smartbands to track quarantine confinement.
- 3D printed medical materials to help manufacturing
The convergence of these technology as with their maturity will help in the fight against future pandemics. The harmonization of technologies such as Blockchain and Digital ID will enable trusted healthcare networks to collaborate more efficiently and swifter to stop the spread of contagious diseases. Today, countries such as China employ Blockchain in the Blockchain Service Network to use public ledgers that are immutable and unalterable to collaborate with healthcare networks and to be used on processes such as contact tracing.
Outside healthcare, Blockchain is still being developed and tested for real world use cases and such projects are expected to continue until the next year. The maturity of Blockchain and the expected breakthroughs include:
- Blockchain hosting Digital Identities to serve as a proponent for financial inclusion
- More focus on digital wallets and digital currencies to strengthen non-fiat and less-contact transactions built on cryptography to secure transactions.
- Digital Banks to rise as consumer confidence in banking online or through mobile applications have proven to be exceptionally, convenient and secured. Technologies such as financial Blockchain architecture and Decentralized Autonomous Organization (DAO) frameworks.
- Digital Identities incorporated on National IDs that include verification of health records to check whether e-passport carriers were infected or non-infected by Coronavirus.
Despite the uncertainty of that time and in compliance in workspace safety, Blockchain projects were still being developed across remote working workgroups. Next month, the achievements and possible breakthroughs in the Blockchain industry will be celebrated and highlighted in the Enterprise Blockchain Awards (EBA) that is organized by Blockchain Revolution Global. The event will be held virtually and streamed on Wednesday, 7 July 2020 at 7PM EST.
It is a humbling experience to be recognized as among the finalist for the category of Blockchain Leadership: Entrepreneurship and to be part of a greater collective where groups, organizations and technology solutions providers are all working to develop innovative applications of Blockchain.
Despite the times, we must all press forward and continue with our aspirations in order to realize the world-changing capabilities of technology in creating a more meaningful impact on economies and lives.
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