In March 2020, when the world was suddenly hit with a contagious disease called COVID-19, people had to go in quarantine and countries declared lockdowns to control the massive spread. Entire economies came to a halt, businesses struggled to survive and some even ceased to exist. It highlighted major problems in our supply chain and health care system. The crisis took a toll on these sectors, but these were not the only ones affected.
The automobile sector which was already struggling with declining sales didn’t know there’s more in store which would severely impact it like a limited supply of vehicle parts, the shutdown of manufacturing plants, minimal operating cash flows, and a drop in new sales.
Demand for consumer goods also dropped down. This crisis fundamentally changed how and what consumers buy and has been accelerating immense structural changes in the consumer goods industry.
While all these sectors were struggling, Blockchain rose as one of the rare beneficiaries during the period of this crisis. Blockchain technology is said to be the foundation of technology that would provide new solutions to existing problems. This has been proved in these times of need. The Healthcare sector has been uplifted with the help of blockchain. In fact, blockchain potential use cases in healthcare vary accordingly to satisfy different requirements, such as data sharing, security, and data access.
The World Health Organization (WHO) aimed to restraint the situation by detecting COVID-19 carriers and hot spots by tracking and tracing users’ health data on a Blockchain platform. An Indian-origin application, the “Arogya Setu” app is one such application.
The New York government recently announced a pilot project for IBM’s blockchain-based health app- “Excelsior Pass”. The app uses health data voluntarily shared by its users through an encrypted digital wallet which will be stored on their device. It will show verification documents like the status of their COVID tests or their vaccination certificates.
“PharmaLedger”, the collaboration between the Japanese Government and IOTA was among the major corporate Blockchain initiatives undertaken. PharmaLedger aims to deploy blockchain for overcoming a major barrier in healthcare, that is, rapid delivery of medicines and vaccines. This initiative is a three-year project with a budget of over USD 22 Mn presented by the Innovative Medicines Initiative (IMI), and the European Federation of Pharmaceutical Textile Associations and Industries (EFPIA) under Horizon 2020.
The vaccine distribution network has been equipped with Blockchain to improve the monitoring and management of adverse events. Distributors will have real-time exposure and response to supply chain constraints along with better inventory management and safety monitoring.
Along with industries using blockchain, COVID-19 has been profitable for cryptocurrency holders as well. First, it accelerated the pace of a Digital World. What would have taken 10 years was achieved in 10 months. People were forced to try digital payments, for the very simple reason of banks being closed. Secondly, as a result, there was an increased exposure to financial surveillance as well as financial fraud.
“A lot of people lost their jobs during Coronavirus outbreak and this led them to invest in cryptocurrency to earn side income. The increasing price of Bitcoin also creates a positive sentiment and has pushed retail investors to jump in”
— Nischal Shetty, CEO, WazirX
The sentiment is also boosted as new investors like Elon Musk and BNY Mellon are entering the crypto space and this is increasing people’s trust in the technology. Prices of Bitcoin and Ethereum have soared roughly 1200% and 1100% respectively since mid-march 2020.
In the sense of epidemic management, blockchain evolved as a crucial technology solution in providing a transparent, reliable, and low-cost solution to facilitate successful decision making, which could effectively result in contributing to quicker intervention during this crisis.
Blockchain is Booming! If you are an individual/corporate looking to get into the blockchain space, we at Admantium Crypto Advisors will help you provide answers to all your problems. We encourage and support such start-ups which are the vision of tomorrow.
A lot of research is done before bringing the project to investors to ensure the right data is provided at the right time. We focus on helping blockchain companies from the initial phase of developing ideas to preparing documents and finally the fundraising. For more updates, please stay tuned.
About the Author – TWINKLE MITTAL
Twinkle Mittal is a Financial Analyst at Admantium Crypto Advisors, an investment banking and consulting firm focused on blockchain technologies. We help early-stage entrepreneurs and startups in Building Business Models and Developing Business Ideas take a 360-degree view of how to build a sustainable business using blockchain technologies, translating concepts into clear-cut plans. We also help raise external funding to kickstart or grow your business.