Blockchain is a process of secure transaction of business processes such as contracts, business activities, contracts, business records among partners and companies in a safe encrypted way.
The adoption of blockchain technology by companies have been more common and it has been done rapidly too in almost all sections of the industry from healthcare sectors to financial sectors. Blockchain can transfer huge amount of data on secure lines thus being preferred by all companies in this new age of world where everything depends on data. With its decentralization nature keeping track of the dear data is made much easier.
Even though blockchain brings in so many benefits into the system adopting them to the fullest has seen some hesitance, as for transforming it would cost a little extra and integration of systems with the pre-existing ones would be a bit hard and also the lack of knowledge towards the blockchain operations as an obstacle.
But this pandemic has given companies a whole new perspective over blockchain, as operations across the world due to all the shutting down and locking down of businesses/companies/organizations has led to the move towards online operations. This change means that better, innovative, and newer solutions are required thus paving way for blockchain that could fill the gap.
Tracking medical supplies
Blockchain though expertise in cryptocurrencies, its improvements and advancement have led it to the potential use in tracking of medical supplies. Right now, in this situation where, due to the social distancing norms, shutting down, and locking down od companies, that had led to the shortage of masks, protective gears and such supplies for the health care workers, is where the transparency of the blockchain couldn’t be overlooked.
Supply chain management
Food supply security has become a major concern during this pandemic. So, to overcome this issue blockchain has enabled some companies to directly get connected with the farmers to retailers, shippers etc. thus reducing the dependence on the middlemen for loans and transport expenses promising more money for the framers and cheaper retail prices.
So not only during this COVID-19 era but even after this passes hopefully soon, companies should keep on adopting to newer improvements and advancement in the blockchain process as it would promisingly improve the efficiency of the company.
