3 Ways in which blockchain can help the COVID-19 crisis

Let’s be honest, the recent COVID-19 crisis caught us, as a society, off-guard. The good news is, we’re are going to overcome it, just as we have done with every challenge we’ve faced so far.

At LimeChain we’ve been involved in 50+ blockchain projects over the last 3 years and we believe that the technology can be leveraged to create positive social impact on many levels. With this article, we’re going to outline 3 ways in which blockchain technology could be used to help combat the COVID-19 crisis.

Tokenization of Care Packages / Coupons

In a scenario where social care packages / benefits or donations are distributed, while social isolation and distancing is absolutely fundamental, tokenization is as a perfect fit. Replacing the food coupons of 20th century with digital tokens which require 0 physical contact and can’t be stolen (stored on the blockchain) makes perfect sense. What’s more fundraising campaigns could be easily run to fund, mint and distribute such tokens. Call it an ICO with a purpose if you will.

Tracking of Medical Supplies / Pharmaceuticals

Medical supplies and pharmaceuticals are another critical pain point. One of blockchain’s best use cases is in supply chain. Through the technology, the supply chain of both medical supplies and drugs could be easily tracked and verified in a secure and immutable manner. Counterfeit pharmaceuticals lead to billions in losses each year, but the impact they have on people in need is much worse. And that’s without a global pandemic on the horizon.

Stable Cryptocurrencies

This might be the most far-fetched idea of the 3, however it’s worth exploring. With a potential recession on the horizon, triggered by the COVID-19 pandemic, certain fiat currencies might crash along with the financial markets. With most current stable cryptocurrencies are USD-backed, it’s hard to argue that those could be considered a safe heaven. The concept of a functional gold-backed stable cryptocurrency however is something that could prove extremely valuable, especially in troubled markets.

These are only 3 of the many ways in which blockchain can be used to create meaningful social impact, regardless of the global outlook. Hopefully, we’re going to overcome the COVID-19 challenge sooner rather later. In relation to the topic check how the blockchain community has been rocking during these crazy times – “A positive outlook on the blockchain community”.