Coronavirus: how Blockchain is helping China

6 March 2020

While the outbreak of 2019-nCoV (or CoVid-19), commonly known as Coronavirus, is affecting China and various countries around the world, not only in terms of healthcare, but also economy and trading, governments are trying to avoid any major disruption.

In China, this is happening with the help of Blockchain technology. Although the government has never hidden their concerns about this relatively new technology, any national research and development department has been studying it and its implications.

Although it has a very low mortality rate, it spreads in a hyper-fast and uncontrolled manner, with consequent health emergencies, as treatment requires hospitalisation and hospitals have limited beds and resources.

Coronavirus outbreak map

Blockchain protects medical data

Local authorities in Wuhan and nearby provinces are using Blockchain to make sure data are archived and protected by any unauthorised access, but still keeping it available for the whole healthcare system.

It includes patients’ data, treatments given, and any progress detected. All this information can be used by research labs working on a vaccine.

The company Vastchain Technology had launched a mobile app based on WeChat named Access Pass, which generates a QR code that citizens can use in order to access their data and groups of discussion in total discretion.

Donations tracked with Blockchain

With a mechanism similar to the one we described in our article on Blockchain and charities, the payment processing platform managed by Alibaba, Alipay, introduced a platform that runs on a blockchain in order to allow donors and charitable organisations to better cooperate in a more transparent manner.

The application allows users to track how the money they donated is spent, and can see information on review, record, and traceability of medical supplies on the whole supply chain.

Blockchain supports companies affected by Coronavirus

In a State-controlled economy like China, it is important that the government acts quickly in order to guarantee support to all businesses struggling to survive during this emergency.

According to CNBC, 87 Chinese businesses have received over $200 million in loans via a cross-border blockchain platform, and Henry Ma, CIO at WeBank, admitted that they are achieving great results thanks to this blockchain-based platform, and this new system is a significant help for small and medium enterprises, which are the categories fighting the hardest struggle against the epidemic, even though they represent more than half of China’s economy.

Over the last few years, the government did try to improve the way private businesses obtain, but this is definitely the biggest commitment they have ever taken.

Furthermore, Henry Ma supports the use of Blockchain for transaction monitoring in order to prevent frauds.

It is important to note that the blockchain used for this purpose is private, therefore, there is still a central authority in control of everything, but it is also worth noting how easier and quicker business financing is becoming.

We believe that after the emergency will be under control, there will surely be some developments in the use China makes of Blockchain.

For the time being, he wish all the best to everyone around the world who contracted the virus.

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