Scientists are racing to develop ways to avert another pandemic as we slowly heal and adjust to life after the Coronavirus. It turns out that integrating blockchain technology can help us prosper in the post-Corona era. Beyond pandemic detection, blockchain technology may be used to offer societal benefits in a variety of ways. Let’s take a closer look.
A/ Blockchain technology and Coronavirus
1. Identity in the Digital Age
The most pressing need in the world today is a public data layer that can serve as a decentralized and transparent database of real-time medical data. Governments will be able to track and prevent breakouts in specific areas as a result of this. However, we will need to adopt digital IDs in order to do so. This will be the first step for governments in putting in place effective immunization measures and isolating infected areas.
Self-sovereign identities are possible thanks to blockchain technology. Users may utilize this to locate a point where blockchain technology can let people report information confidentially while still attaching it to their digital identities.
Fake drugs have been on the rise in response to the Covid-19 outbreak. According to the World Health Organization (WHO), counterfeit medications are on the rise in underdeveloped countries. Interpol’s global pharmaceutical crime-fighting unit is alleged to have made 121 arrests in 90 countries in just seven days, leading in the confiscation of lethal drugs valued more than $14 million (£11 million).
The world currently needs a transparent and completely traceable medical supply chain, which blockchain technology can easily offer. The inherent transparency of the blockchain can assist you in tracking your medicines from the shop to the supplier.
3. Education in Blockchain
Finally, there’s the issue of education. Scientists may use blockchain technology to directly promote research by supporting it with digital assets and speed up the essential peer-review process of scientific study.
Silvio Micali, a Turing Award-winning cryptographer, designed Algorand, a pure proof-of-stake mechanism. It enables developers to create scalable blockchain-native solutions for real-world use cases, with the goal of reducing friction in financial transactions and increasing DeFi adoption.
1. Network for Blockchain Education
BEN stands for Blockchain Education Network, and it thinks that blockchain adoption is impossible without education. BEN and Algorand will collaborate to encourage a learning mindset and educate a growing community of blockchain aficionados.
The International Blockchain Monetary Reserve (IBMR.io) is a non-profit organization whose mission is to build a decentralized macroeconomic development system that benefits the urban working class. They are taking a huge step in the right way by combining with Algorand to establish a microfinance platform and a specialized token, Asia Reserve Currency Coin (ARCC).
PlanetWatch is an environmental monitoring program that sprang out of CERN. In addition, Algorand and PlanetWatch cooperated to establish the world’s first immutable air quality ledger. Air pollution is the world’s fourth-largest health risk, and a lack of real-time monitoring is a serious issue. Those that provide accurate data receive PLANET tokens. The Algorand blockchain saved the data when it has been confirmed by the network.
C/ Blockchain smart contract: Ethereum
Ethereum is one of the world’s most popular smart contract systems. It has a strong developer community that is actively working on a slew of fascinating decentralized applications. Let’s take a look at the ones that stand out in terms of societal effect.
By introducing new governance models, Giveth hopes to enhance the nonprofit sector. They’ve developed the “Giveth Galaxy,” which is the scope of their efforts. They think that by spreading the Giveth Galaxy, they may sabotage the “Future of Giving.” “Giveth DAC” is the name of the community behind Giveth.
Giveth has two key objectives:
- In numerous rounds, create a truly free, open-source platform for DACs and decentralize it.
- Develop the platform for a broader audience and create communities centered on various topics. Allow these towns to receive the funds they require throughout the process.
Alice is an Ethereum-based network that connects social groups, funders, grant-makers, and impact investors to uncover and develop good social projects. It was launched in 2017. It promises to restore faith in charities by providing a smart contract-based platform that allows donors to track and trace their gifts in full transparency. St Mungo’s ran the first pilot, which assisted 15 rough sleepers in London in finding homes and dealing with mental health and addiction concerns.
D/ RIFOS – The Third Layer of Bitcoin
RIFOS is a third layer that sits on top of the bitcoin blockchain. When it comes to RIFOS, keep the following aspects in mind:
- Developers may easily add products into the RIFOS ecosystem as long as they are compliant with the underlying protocols.
- RIFOS has been developed from the ground up to maximize the potential advantages for those who want to provide infrastructure services inside the protocol’s ecosystem.
- The Bitcoin Network’s security protects all of the components.
- Its protocols will contain mechanisms for generating network effects and economies of scale.
- The majority of RIFOS services will be utilized with a single token.
GiveTrack wants to change the way people give by allowing them to track donations in real time. By providing financial information and direct project results in real-time, the platform will give contributors with openness and accountability. Charities working in third-world nations are frequently beset by a slew of problems:
- Transaction and service fees might cost them up to 30% of their money.
- Transactions take a long time to complete and are susceptible to fraud.
- They lack the necessary instruments to preserve internal and external openness.
NGOs and donors can benefit from GiveTrack in the following ways:
- Improve the cost, timeliness, and security of transporting NGO funds across international borders.
- Transparency increases accountability and aids in the development of trust and involvement with funders and the general public.
- Allow for real-time adaptive management and more efficient emergency response.
Charity donations may be made more efficient if this technology is used on a big scale and its benefits are utilized. This is an interesting article that illustrates how blockchain technology create benefits society.
RSK previously operated Taringa, a Latin American social networking business. This Argentine-based business has a network of 30 million users and over 1,000 active online communities. Taringa is utilized by more than 28% of internet users in Argentina, exceeding Snapchat, Skype, and LinkedIn, according to Statista. It wants to develop an open-source RIF wallet that will let SMEs and individuals to transact online, making cash obsolete.
The Latin American economy is primarily reliant on cash transactions. In reality, 50% of the population. use cash in their life. They’ll have to switch to alternate payment methods now that the Coronavirus has made this a risky prospect.
3. Money on the Blockchain
Money on Chain and RIF have teamed together to launch the world’s first bitcoin-backed stable currency. IOV Labs is one of the key participants in this initiative. IOV Labs is a firm focused to developing technology that will make DeFi more widely available. The group is currently working on the RSK Smart Contract Network and RIF platforms.
According to their stablecoin protocol, they employ a three-party technique. The protocol will create two coins and a financial derivative product.
As you can see, the blockchain may be used to construct a variety of applications that have a significant societal impact. Projects like RSK, Ethereum, and Algorand are working on a number of implementations that will have a beneficial impact on the lives of many people throughout the world.