The second decade of 2000 began with the introduction of disruptive technologies. Artificial Intelligence, Blockchain, and Internet Of things or IoT, walked right through the right carpet and transformed the whole technological landscape. Although, AI and IoT became more of the innovative accelerators, but, blockchain originated essentially as a disruptive innovation intended directly for revolutionalizing e-governance.
Why Blockchain is Known for Establishing Decentralized Governance?
We are living in an age of cyber warfare. Companies like Facebook, and Google, control user data. Facebook isn’t at any time going to stop using their curated over-the-years data because their business model is based at the centre of it. Since the controversial case of Cambridge Informatica made headlines, the need for “securing user data” made headlines. And with Facebook getting brushed for their user-data paradox, Google was eventually roped in as well.
Why Blockchain as Technology Gained More Attention Since Then? Blockchain technology, that has been hailed for distributing power, eventually gained consciousness. How Facebook gained access to user data and lost it, was clear–through centralised control. But with blockchain backing the platform, tracking of the data just became possible and easier. In short, blockchain as technology gives answers to these three exclusive questions–
- Who is accessing the data?
- To whom the data is being shared to, beyond the original party? and,
- What’s happening with the data currently?
This implies that Blockchain as technology rules out the privacy quotient, centralized governance problem and transparency issue. Let’s have a look at the present use case of the pandemic, what are the most common problems faced and how blockchain as a technology fits in the middle of all chaos.
Blockchain During This Year of the Pandemic
The COVID-19 mismanagement just ripped open a part of the legacy systems we have had initially set up for disaster management. To meet the challenges of the pandemic, the world was clearly unprepared and the issues related to demand and supply of goods started to surface like a wildfire.
This is exactly where Blockchain as a technology fits. Blockchain being a decentralized network solution can be leveraged perfectly well in supply and logistics industry, and even in establishing a strong decentralized system–control created by the people and for the people. The present governance and supply chain setup is clearly acting without the checks and balances. Plenty of orders are pending, and because of the centralized control, the reliance on central authority rises which further leads to a long-term blunder.
Solutions Blockchain Can Possibly Provide of Allowed a Full Implement-
Health Records and Shared Data-– Data is a very important asset in helping the fight against the pandemic. In order to accelerate discovery (traceability and origin of the source of infection), we would need better access to the data of the population that is ready to share data. This discovery supported by a speedy consent-based data-sharing system will enhance traceability and allow health care authority to take quick action steps.
Sustaining the Economy– Evidently, digital cash is the future. The pandemic proved that cash currency can act as a carrier of the infection, which is why the stress on a cashless or a digital economy made the front headlines. Blockchain-based financing solutions can support the economy and keep the inflow and outflow of money balanced.
Incentive-based Model for Rewarding a Responsible Behaviour– Undoubtedly, people respond well to incentives or rewards the most when they are not expecting. Blockchain-based reward systems established in healthcare systems, can not only boost the morale of medical professionals but also would motivate others to participate in times like this. This is one possible use case that can be followed during the pandemic but the same can be replicated across industries.
Final Words– Disruptive technologies like Blockchain and Artificial Intelligence have proved their accuracy, the most, during the pandemic. AeoLogic has been working with the Government of India actively during this time to create disruptive based innovative solutions in order to support the economy. Connect with us to find out more about this.