Blockchain This Week: Blockchain Fights Coronavirus, Binance Sets Up $50 Mn ‘Blockchain For India’ Fund

As the world is fighting against the coronavirus pandemic, different products and solutions based on blockchain technologies have begun to emerge to help deal with the global crisis.  

Coronavirus has disrupted livelihood and health of millions across the globe. Most importantly, it has put worldwide health, science, government and business communities in a dilemma, where they are finding it difficult to tackle this deadly virus. 

In the times of crisis like these, technology and innovative solutions could be a major game-changer. Blockchain technology is coming to the rescue to ease day-to-day operations for healthcare professionals, insurance providers, doctors, governance, educators and researchers among others. 

For instance, Georgia-based blockchain-enabled platform Acoer is helping researchers, scientists and journalists to get real-time information related to Covid-19 confirmed cases, deaths and recoveries and trends.

Similarly, Switzerland-based Odem, a blockchain-powered edtech platform is providing access to students and educational institutions in the times of coronavirus, as most schools and universities are shut down. The platform is built to integrate exiting learning management systems and curriculum, which allows educators to ‘issue digital certificates of completion and achievement,’ as they shift to online classrooms.

In the health tech space, Hong-Kong based Blue Cross (Asia-Pacific) Insurance has utilised its blockchain platform to reduce the amount of paperwork involved in health services as it helps in mitigating the risk of infection from spreading.

Blockchain Graph Of The Week:

Blockchain Technology Impact Vs Feasibility Study

The implementation of blockchain technology across industries depends on four aspects — asset, technology maturity, standards and regulation, and the ecosystem. In other words, companies need to invest in blockchain-based on the specific use cases and their market position, as per McKinsey.

For instance, the use of blockchain technology in financial services is more feasible, compared to arts and recreation or mining space. Similarly, when it comes to the impact, blockchain has the biggest potential in the public sector, followed by technology, media and telecom.  

Blockchain News Of The Week:

Here are the biggest blockchain-related headlines from across the world.

Binance Sets Up $50 Mn ‘Blockchain For India’ Fund 

Malta-based cryptocurrency exchange platform Binance will launch a $50 Mn ‘Blockchain for India’ fund to support the development and growth of blockchain startups in the country that are focused on solving industrial and social problems through the use of blockchain technology.

In addition to this, the programme plans to make investments in both equity and tokens, ranging from $100K to $5 Mn. The fund also aims at partnering with venture funds in India that actively invest and support the blockchain ecosystem. It also looks to collaborate with universities in setting up blockchain technology incubators to provide mentorship and support to students and founders.      

China Turns To Blockchain Technology To Manage Medical Supplies 

In an attempt to manage medical data and track the supply of coronavirus-prevention materials and consult the public, China has turned to blockchain technology. In the span of two weeks of February, over 20 blockchain-based applications were designed to help fight the coronavirus outbreak. The People’s Daily Online also reported that the majority of these apps are used to manage citizen’s personal data to ensure the coronavirus spread is stopped. 

Argentina’s Blockchain Platform Hacked 

The Argentine government recently confirmed that their official gazette (Boletin Official) platform based on blockchain technology was hacked. The hackers used this platform to spread fake statements regarding the coronavirus. The officials said that there were multiple attempts made to enter the newsletter’s system. However, the hackers were able to locate a vulnerability that allowed fake news to be spread through edition 34,329 of the bulletin in which laws, regulations and measures are meant to be announced. 

Toyota Eyes Blockchain To Create Auto-Industry Platforms 

Toyota Motor Corporation, along with Toyota Financial Services Corporation, recently announced its blockchain initiative — Toyota Blockchain Lab, where the companies are exploring opportunities to examine the potential of blockchain technologies. The company said in a media report that the research work has been in progress for the past 11 months, and it is now looking at accelerating projects towards business implementation and strategic partnerships outside the company. 

JPMorgan To Merge Its Blockchain Project With ConsenSys

The financial giant JPMorgan Chase is likely to merge its Quorum blockchain project with ConsenSys, a blockchain software technology company. Quorum is an open-source platform which was created towards building a system that helps private institutions connect via distributed networks. 

The platform allows member banks to exchange information in real-time, thereby allowing them to verify payments for approvals. JPMorgan’s Interbank Information Network, today, has over 365 banks and 25 people currently working on the project.