Simplifying Business Processes Using Blockchain Technology
Blockchain technology stores transactional records, known as the public block, in several databases, known as the ‘chain,’ in a network connected through peer-to-peer nodes. Typically, this storage is the ‘digital ledger.’ It is a decentralized way of documenting transactions in chronological order. Each network partner has access to the entire blockchain and its history. The accounts of all participants are updated with information with every new transaction recorded.
COVID-19 & Blockchain Technology
The ongoing situation can create some challenges in the market of blockchain. It can play an essential role in digital transformation activities and initiatives amid the crisis.
The technology finds its use for public health data surveillance, crisis management, medical supply management, etc.
The Coronavirus outbreak has led to the development of many applications using blockchain technology.
For instance, in March 2020, WHO launched a blockchain platform to fight COVID-19. World Health Organization (WHO) collaborated with major blockchain and technology firms to initiate a Distributed Ledger Technology (DLT)-based platform for sharing data regarding the Coronavirus outbreak.
In another instance, in March 2020, UAE adopted digital identity and blockchain to fight COVID-19. The United Arab Emirates Department of Community Development (MOCD) has started implementing digital channels for government services. The system meets the requirements by leveraging digital identity by individuals, blockchain systems, and chat systems.
Application and Use Cases
Blockchain technology has the power to transform government operations and services. It can play an essential role in improving data transaction challenges in the government sector, which currently operates in silos. Correctly connecting and sharing data with the blockchain allows better management of data between multiple departments. This feature improves transparency and provides a better way of monitoring and verifying transactions.
New features of blockchain technology include decentralization, transparency, immutability, and automation. These elements are put into use in different industries, leading to a variety of use cases.
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