Five Ways in which Blockchain Technology can Aid Recovery

Five Ways in which Blockchain Technology could help Mitigate the Post Covid Crisis Issues:

• Building More Resilient Supply Chains

• End-to-end supply chain on blockchain, combined with digitization and Internet of Things, can ensure transparent, traceable, and cheaper supply chains
• Challenges involved for managers: cost, data sharing hesitation, and a lack of incentive.

• Universal Basic Income and Digital Currency:  

• A blockchain-based state backed with stable digital currency (Bitcoin) immune from virus effect will provide health benefits.
• UBI solution for unbanked and mobile or internet connectivity deprived individuals.

• Tokenization and Fractional Ownership:  

• Blockchains based asset tokenization (converts rights into an asset and then into a digital token) will enable liquidity, fractional ownership and sale in a cash and capital-starved post-covid society.

• Global Health Record Repository: 

• Blockchain based universal electronic medical records (EMRs) could provide security, transparency and privacy benefits at  both National (health stack or an Aadhaar card for health), and global level .

• Fundraising:
• Initial coin offerings (ICOs), through the blockchain-enabled crowd-sourcing of funds could serve as the authentic and safe alternate mechanism for startups to raise funds.

Blockchain technology with its unique feature of decentralization and distribution could act as the apt technological solution for building resilience against crisis like covid-19 pandemic.