Corona pandemic is a big hit to mankind and is also a lesson, that teaches how to create a better tomorrow. All disasters are experiences and these experiences pave the way for more precautions, preparations and better living. It is well known that Post pandemic era will create numerous changes in the society, behaviour and the economy of the world. New technologies will be introduced with new experiences and challenges. One of them will be Blockchain.
The term Blockchain always sees with Cryptocurrencies like Bitcoin and Ethereum. But the potential and scope of Bitcoin is very vast and can find applications in Finance, Healthcare, Logistics and Supply chain management etc.
Blockchain is a decentralized open network having distributed ledgers which can record transactions between parties efficiently and in a permanent way. The list or chain of records, called Blocks link using cryptography. In order to approve a transaction process, all the parties in the network must accept the deal. If the transaction is made, a block is formed with a unique identity. Each block formed in the Blockchain network refers to the previous block, therefore if anyone has to manipulate the blocks formed, then they have to change the entire chain of blocks in the network. This is a cumbersome process and makes the blockchain immutable.
The decentralized and immutable nature of Blockchain makes it favourable to Financial technology. In the near future, tremendous developments will happen in cryptocurrency or digital currency. China, the world’s second-largest economy has been testing a new cryptocurrency which represents digital yuan. Social media giant, Facebook and started their blockchain-based digital currency project named Libra in 2017 is going to introduce in the near future.
In the health sector, this technology helps the patients to access their medical data and helps in connecting with their doctors and hospitals easily. The data will be stored decentralized and anyone can access it any time, helps in better diagnosis and medication. During the pandemic itself, authorities are discussing implementing blockchain technology in the health sector to keep patient records.
The application of Blockchain is extending to logistics and supply chain also. Recently, Amazon got patented for its blockchain-based supply chain system, which makes the delivery of goods faster, safer and smarter. Knowing the potential of Blockchain, China during this pandemic on April 25 launched a Blockchain Service Network which is available for global commercial use. Another tech giant from China, Tencent Holdings Ltd is going to invest 70 billion USD in blockchain development. It is a fact that the next technological revolution will be a new experience and Blockchain technology will have a prominent place in it.
