Blockchain could help Governments to cope with Coronavirus Pandemic: Experts say
By MYBRANDBOOK
When pandemic broke all over the country, everything came to sand still. The coronavirus pandemic has allowed governments to impose huge fines for violating the self-isolation and shelter-in-place order. Apple and Google have agreed to create a technology for tracking people who come into contact with COVID-19 cases. Of course, the health of our loved ones is the most important thing in life, but upcoming dangers cannot be downplayed.
On the other hand, market turbulence cannot bypass the crypto-market. Dozens of Blockchain startups have worked in the field of airline loyalty programs and transport logistics. They have to urgently rebuild and look for new markets.
Amid Coronavirus, an academic at the University of Hong Kong claims that blockchain and AI-driven strategies should be implemented to better tackle responses to the pandemic.
Syren Johnstone an Executive Director of the master in laws (compliance and regulation) program at the University of Hong Kong published a post for the Oxford University Faculty of Law Department blog on Feb. 5 arguing that the coronavirus outbreak should be seen as a “call to arms for the tech industry.”
Johnstone’s argument opens with the claim that charities are currently hindered in their ability to channel donations effectively for crisis response due to Beijing’s institutional and political choices.
He says that Beijing’s centralizing approach is merely compounding the problem and that instead of a government-led approach, the tech industry should provide a solution. Specifically, it should leverage blockchain and AI technology, which are already in widespread use by Alibaba, SF Express and Apple; so “why not charities?”
Blockchain would enable the transparent recording and tracking of all donations whether it be cash or face masks and make it possible to hold persons or entities to account at any point in the process, through to final end-use.
Johnstone says, “Mismanagement would be reduced with greater public visibility and we could increase public trust in the system by ensuring donors have more oversight and control over their contributions.”
He also invokes President Xi Jinping’s own endorsement of blockchain technology in support of his argument, further stating that tech firms globally should work with China’s industry, as AI in particular demonstrates “the desirability of a cooperative landscape.”
In other words, Blockchain in the context of the coronavirus pandemic has become an ideal tool for registering unemployment claims, distributing subsidies, issuing government loans, and digital QR-coupons. It offers maximum transparency with minimal cost.
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