The Coronavirus has been spreading its impact across the globe for the last year and a half, with healthcare workers and healthcare systems putting up a fight to save lives. The pandemic outburst has made things harsh and hit the economic balance of nations across the globe.
With constant lockdowns, restrictions to curb the spread of the virus, governments across the globe have adopted such policies which have led to an impact on local businesses. Big corporations have all felt the impact and downfall of their economies. Various countries have gone into higher inflation and unemployment rates which have left the marginalised ordinary people with very little ways to earn a livelihood.
The major operational entities in current times are the supply chain management resources and medical facilities that are on a continuous run since the start of this pandemic but because of some of the other issues, they too are facing problems to manage a complete, foolproof system that allows them to get the efficient and optimized results.
As vaccines are being developed and technology is taken under consideration for leading developments by medical science across the globe. It certainly reassures the belief amongst the people that technology holds a key in providing a more secure future when it is utilised to its potential with the right intentions.
To provide the best solutions to the various domains that are working under the gloom of pandemic like the pharma companies, medical equipment manufacturers, supply chain aggregators and help them counter their underlying needs.
Here are some ways the blockchain technology is helping fight COVID-19:
Bringing Transparency and Accountability:
As with the medical aids provided across regions, many witnesses false play or corruption taking place with the orders being not correctly delivered or something missing. It has become a challenge for companies to trace and get total accountability for their products. To get optimal solutions, blockchain can play an important role that provides the companies with a better resource to get their services running.
Blockchain technology, with its decentralized ledger base, allows the development of a better auditing system that enables you to have transparent auditing set with proper validation through unique keys that won’t allow any manipulation of data and critical information like vaccines, medicines and other equipment details will also be the ability to get properly tracked and kept with accountability.
Boosting Supply Chain Management Solutions:
Supply chain businesses are also facing a hit with the increased demand for food and other essential items supplies which they need to make in given time constraints. It becomes a challenge for businesses to manage their logistics for the effective fulfilment of demands.
Blockchain technology can help them with developing a better management system where they can easily track down the leading parameters like vehicle tracking, Driver Behaviour during work, Fuel and overall vehicle performance. With blockchain technology, the supply chain business and their logistics partners can engage well in the development of the resources and improve their performance.
Blockchain will provide them to build a decentralized system for the data input, and other parameters along with a valuable payment system that keeps track of the flow of financial transactions with no lapses taking place or loss of data. This makes blockchain a lasting technology to impact supply chain development.
Enhancing Testing and Contact Tracing Management:
As testing and isolation have become the first-hand operation to control the spread of the virus, it becomes important to develop the latest technology-based mechanism that enables the medical authorities to pursue testing advanced that brings in better management and allows the authorities to collect correct data and develop their strategies accordingly.
The contact tracing applications built using blockchain technology will be more dependable and efficient in dealing with the problems that healthcare institutions encounter with contact tracing and testing data management.
As blockchain technology brings decentralized cryptography for data management, it allows more security and transparency to the data collected and stored. No one will manipulate the data as a separate digital identity is set for the patients. It also maintains the privacy of the user as nowhere in the transaction do the details get exposed thus allowing the patients to not worry about misuse of their information.
Helping Healthcare Facilities To Better Manage Patients Data:
As testing proves a critical role as the initial procedure to deal with the covid spread it becomes important for the healthcare professionals to monitor the health status of a test covid positive patient which involves keeping a tab on their health, their isolation and also to the people who have been in contact with as they too need to be tested and kept under regulation.
Technology plays a big role in making this happen and blockchain brings in that added advantage to allow better operations and resources to develop a model that allows the proper management of the parameters for keeping a better check on the patients especially the ones who are in isolation.
The blockchain developed model can work on the devices built up like oxygen tracker, overall health tracker, patients daily report, and store these data sets into its decentralized structure that provides a well-developed model for healthcare authorities to work upon declining the impact of the virus and provide the patients with timely recoveries.
Blockchain Technology Helping Pharma Businesses In Production and Distribution
As the demand for medicine supplies surges during a pandemic, it becomes extremely critical to maintain the surplus production and flow of the supply to the hospitals and patients. Along with medicines, the production, storage and supply of medical equipment like masks, PPE kits, testing devices and other essential commodities also grows.
It becomes important to have a well-established model to support the management and flow with no hindrance at all levels. Blockchain-based solutions bring the required growth for the guided management of the production and supplies by providing a transparent working that does not allow any mishandling of data, information or cut down on any legitimate detail that affects the workflow.
Blockchain-based systems will create a distinguished network that will operate on the data collected directly from the system and remove the risk of manipulation. Such a system will boost a decentralised approach along with immutable data, transparency and successful product delivery.
Although the times have been the hardest with the whole globe taking the hit of the Covid-19 pandemic, somehow the various developments are also taking place and strengthen our hope of a better renewal of the economy real soon. Technology-based development is leading the way for businesses to get optimal solutions that tackle their issues with more efficiency and reliability. Blockchain technology in the same way is emerging out to be a powerful technology that is providing a wide variety of distinguished solutions for businesses to uphold their growth and bring back stability to the economies across the globe.
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