How Can Blockchain be Useful in Combating Coronavirus?

How Can Blockchain be Useful in Combating Coronavirus?

Coronavirus, also known as Covid-19, continues to spread not only the virus itself but also scare all over the world. Professionals from all sectors of worldwide health and governments are working 24/7 in finding ways to contain the epidemic. As it now moved beyond China, businesses are greatly impacted, which, in effect, impacts the global economy quite severely. The airline industry has so far already lost about $1 billion.

Kia Motors has closed its manufacturing plants in South Korea. Apple has suspended its operations in China. Even the global community markets are suffering now with the price of oil, for instance, that dropped at an all-time low of $54 per barrel. These and many other industries are currently suffering from the impacts of this deadly disease. Experts in the digital space are not

taking this sitting down, as well. They are finding ways to combat Coronavirus and other deadly diseases using blockchain technology. Here are some of those ways.

For claiming insurance Using a blockchain-based platform like the Virie Market can help in the processing of Coronavirus insurance claims faster and easier as it eliminates paper works and numerous travels to and from the clinics to deliver the documents. It also doesn’t involve any personal interaction during the processing, which helps avoid any risk of acquiring the virus.

For sending monetary donations With all the trust issues going on about missing donations, which were apparently taken by people who are not the recipients, a blockchain-based platform is the best resolution. Even a known institution that is Red Cross has quite a reputation due to previous scandals that people are actually questioning their credibility amidst the current global crisis. At times like this, it’s of paramount importance to ensure that all monetary donations go straight to the recipients. Virie Market’s escrow mechanism will be able to do that as it doesn’t have any third-party intermediaries involved in the process of sending the said donations. Just the donor and the recipient to directly transact with each other.

For cross-border and cross-country payments Since time immemorial, sending money across borders has always been a challenge for organizations, charities, governments, and even individuals, especially to those restricted countries. Thanks to blockchain technology, this has become less of a burden now for many people who take advantage of it. Blockchain-based platforms such as Virie Market now make it possible to send money or payments across borders and countries without any restrictions. It can also eliminate huge fees from bank transfer or any other

payment systems such as PayPal. Virie Market is certainly the platform with absolutely the lowest fee.

Epilogue Amid a global crisis such as the Coronavirus, everyone needs to open their eyes and be aware of the available options that can help combat it.

Blockchain technology is a powerful tool that can meet the demands of certain requirements for fast-tracking of payments and transactions for urgent needs for people who are affected. Virie Market is one of those platforms that use blockchain technology to fulfill these requirements. Check its whitepaper and download its application to see how you can utilize it in events like the Coronavirus pandemic.