Blockchain Technology Might Help to Tackle Coronavirus

An academic from the University of Hong Kong said that blockchain and AI technology might help to tackle coronavirus. The current coronavirus crisis should serve as a call to arms for the Chinese tech industry to get engaged in finding a solution. Blockchain would make it possible to record and track all donations transparently.

06 February, 2020 | AtoZ Markets – The coronavirus in Wuhan has created a significant problem. The public is donating protective equipment and millions of dollars. Syren Johnstone, executive director at the University of Hong Kong, claimed that the coronavirus outbreak should be viewed as a “call to arms for the tech industry”.

Donations for the Wuhan Crisis

Johnstone claims that charities currently hamper in their ability to channel donations effectively for crisis response due to Beijing’s institutional and political choices.

The Chinese government is currently funding all public donations through five government charitable organizations. According to Johnstone, it represents “a throwback to pre-2016 China “, before the country instituted a law allowing the creation of charity from the private sector. He added:

“The fundraising order implicitly assumes that the five government-backed charities are fit for purpose and better able to handle the current crisis. This assumption may be inconsistent with historical and more recent evidence. It suggests that organizations crisis managers seem to be struggling to manage their core responsibilities. “

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Blockchain Tech for Donation

Blockchain and AI are now in frequent use in global technology companies and represent tools that can use to manage crises better. A private blockchain network would allow to record and track every donation, from dollar donations to N95 masks. It also creates clear points at which it is possible to hold a person or organization to account, from uploading donations for delivery to their final use. 

The blockchain can also give visibility to the public. It can provide transparency to all donors and donors, as well as to public control bodies. Anyone can follow the progress and use of their donation.

When responding to crisis, charities also face complex, data-dependent questions requiring expert judgements. AI can use to help humans to determine optimal results. In a blockchain donations context, models developed by epidemiologists would guide these results. It also guided by the current and expected supply and use of limited resources. AI can also provide visibility to decision making. It is critical to restoring public confidence in the system and the continuous flow of much-needed donations.

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Blockchain and AI Technology Can Help Abate Coronavirus

Johnstone said, these technologies are already in widespread use, such as Alibaba, SF Express and Apple – why not charities? He said that blockchain and AI technology might help to tackle coronavirus.

In China, President Xi Jinping also said, “We must seize the opportunities offered by Blockchain technology. It also referred to Blockchain + solutions that support basic needs such as, among other things, the safety of medicines.”

He concludes that the coronavirus solution should be based on the principle of the Chinese government, established in 2013:

“The market should perform a decisive role in the allocation of resources.” Public-private and mixed-ownership also reforms in China testify to the reality that centrally controlled organizations. It has not developed management systems or innovative solutions to problems at anything like the pace that private enterprise has.”

Last week, Crypto exchange Binance decided to help Coronavirus victims with a pledge of 10m RMB donation, which is around US$ 1.5 million.

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