Simplifying Business Processes Using Blockchain Technology
Blockchain technology stores transactional records, known as the public block, in several databases, known as the ‘chain,’ in a network connected through peer-to-peer nodes. Typically, this storage is the ‘digital ledger.’ It is a decentralized way of documenting transactions in chronological order. Each network partner has access to the entire blockchain and its history. The accounts of all participants are updated with information with every new transaction recorded. COVID-19 & Blockchain Technology The ongoing situation can create some challenges in the market of blockchain. It can play an essential role in digital transformation activities and initiatives amid the crisis. The technology finds its use for public health data surveillance, crisis management, medical supply management, etc. The Coronavirus outbreak has led to the development of many applications using blockchain technology. For instance, in March 2020, WHO launched a blockchain platform to fight COVID-19.