Blockchain technology could be used by governments in order to deal with the COVID-19 crisis that has hit the world this year. According to the Finance Minister of Japan, Taro Asi, distributed ledger technology can be used for contact tracing and protecting users’ privacy.
Blockchain Technology Fights COVID
In 2020, the COVID-19 crisis has hit the entire world. There is no country that has not been hit directly or indirectly by the Coronavirus crisis that started in China. According to data provided by Worldometers, there have been more than 23.5 million confirmed cases of Coronavirus all over the world with the most affected countries being the United States, Brazil, India, Russia and South Africa.
During the FIN/SUM Blockchain & Business conference that was held in Tokyo, the Japanese Finance Minister Taro Aso explained how blockchain technology could be very useful in order to help fight the Coronavirus crisis.
On the matter, he commented:
“In the battle against widespread infectious diseases, blockchain provides one solution for contact trading.”
It is worth taking into consideration that the event held in Japan was mostly followed online so as to avoid crowded places. There was just a limited number of people physically present during the conference. This shows how governments are trying to reduce large concentrations of individuals in close places.
As second peaks and COVID-19 waves appear in most of the countries, governments continue to search for more efficient ways to reduce the expansion of the virus. Blockchain technology could be used to provide privacy to those individuals that test positive through contact tracing. In addition to it, with better information and data, governments can make more efficient decisions on how to handle this virus.
“Some of the blockchain communities may still be hostile to regulators because of the belief they may hinder innovation due to a lack of understanding of the technology,” stated Taro Aso. “What we need is to work together and collaborate to consider the best use of the technology under the best governance.”
Regulators around the world have been trying to regulate the blockchain and crypto markets but just a few countries were able to do so properly. Japan introduced large control on the companies offering blockchain and crypto-related services after a few issues with exchanges and other platforms. The comments given by Taro Aso show that countries are ready to leverage the power of distributed ledger technology.