China is using blockchain technology in various sectors to reduce the economic effects of COVID – 19 affects on the country. By launching many Apps it provided a platform for business without human-to-human contact.
At a Glance
- China is using blockchain technology to fight Coronavirus concerns in the country.
- Many Apps have been launched to provide a platform to carry out business without any human-to-human contact.
- DigitalPay Limited, Ali Pay, Ant Financial are some of the platforms that work to cure the Coronavirus concerns.
Blockchain technology often termed along with cryptocurrency, has gained entry into many industries in recent times. Now in between the COVID – 19 scare, blockchain has emerged with various implementation options. As a result, SME’s incurred great aid.
The Chinese tech pioneers realizing that necessity really is the mother of invention, roll out a number of solutions for immediate and emergency use.
The Chinese released as many as 29 coronavirus-fighting blockchain-related applications. As per a report, blockchain solutions are already in use by local authorities.
Blockchain for Medical Assistance
Alipay, a payment gateway, is now focussing on the online information platform using blockchain. The platform helps citizens learn good prevention habits by sharing COVID-19 related materials over mobile apps. With the use of Ant blockchain, this scheme is driven by the Health Commission and Committee of Economic and Information Technology of Zhejiang Province.
“As China fights the raging Coronavirus pandemic, it’s now using blockchain technology to resolve trade barriers and track quarantine activities”, Commented by Joseph Yong, Head of Investor Relations at Digital Pay Limited.
. “Like AI, this emerging technology is now witnessing a resurgence in other uses while the cryptocurrency shine is starting to fade” Joseph Yong added.
The App specifically allows users to track the allocation and donation of relief supplies. And also review, record and trace demand and supply chains of medical supplies.
Other Apps based on Blockchain for SME’s
SME’s have undergone a lot of trauma during the COVID-19 outbreak. To support the economy of SME’s Ant Financial has come up with online Bid, using blockchain technology. It provides contactless, transparent and secured bidding similar to DigitalPay Systems.
To reduce the liquidity pressure, Ant-Duo Chain, Ant Financial’s blockchain-driven financial platform, is helping many in applying for loans. This could help the SMEs to cope up with the financial strains.
Blockchain initially termed with only cryptocurrencies, has now become popular showcasing its strong features to other industries. Mainly now when an end-to-end business is very difficult due to COVID-19, blockchain has emerged as the lifesaver of many.