Most people are at least vaguely aware of the term “blockchain technology” even if they don’t have a clue as to what it really is about.
Well, I believe more and more will be hearing about it soon enough, and will begin to grasp its massive potential.
You see, it hasn’t become mainstream yet for several reasons:
- It is still an evolving technology, with many projects in development and not many ways for them to seamlessly interact with each other.
- Even though the blockchains are transparent and verifiable, there is an inherent lack of trust between transacting entities and governments that don’t have a close working relationship.
- There is also the issue of government regulations, which are usually grindingly slow with anything new.
Now, however, due to the pandemic, we realize the limitations of supply chains and the slow deployment of resources, data sharing, and money…
- Medical equipment and viral tests could not be deployed rapidly where needed most.
- Important COVID-19 data could not be shared instantaneously and in real time throughout the world because of a combination of both lack of verifiability and lack of wide-scale data analysis (via artificial intelligence).
- Stimulus money could not be released to small businesses in a quick and efficient manner due to the archaic, bureaucratic banking system.
There are blockchain solutions in place already, but because of the limitations mentioned at the beginning of this blog, we have just not taken advantage of them…
Until we have been forced to…
In a recent article in Harvard Business Review, “How the Pandemic Is Pushing Blockchain Forward,” by Remko van Hoek and Mary Lacity, a few examples were given of just how quickly blockchain technology can be employed and how uniquely situated it is to solve problems in this crisis.
For example, Colonel James Allen Regenor (USAF) started a blockchain-based platform for 3-D parts printing. In the very midst of the pandemic, he was able to form a new company, Rapid Medical Parts, to reconfigure sleep apnea machines into ventilators.
In 12 days, the Pentagon awarded his company a contract, and the ventilators are being built as we speak. With the help of a global network of partners, they are scheduled to be shipped to hospitals in a couple of weeks.
Now how else could this be possible without blockchain technology? The answer is that it couldn’t!
Another example is a startup named Tymlez, which is partnering with the Dutch government to analyze the medical supply chain and create an up-to-the-minute snapshot of any critical components such as ventilators and PPE. The transparency and decentralization of the blockchain ensures trust and verification that helps prevent hoarding, price gouging, and fraud of these lifesaving medical supplies.
Again, such rapid response and effectiveness would not be possible without blockchain.
Unfortunately, it took a global pandemic crisis and economic shutdown to wake the powers-that-be out of their slumber and get on board with this revolutionary technology – one that can benefit ALL OF US.
We cannot go back to the old ways of doing things. Now that the power of blockchain technology has proven itself to the world, it can no longer be ignored or dismissed as a quirky novelty.
But, hey, we here at Crypto Info Consolidator knew all this already, didn’t we?
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