Hong Kong - Blockchain Technology is hitting the headlines because of the Coronavirus pandemic. Often associated with cryptocurrencies or trade finance, blockchains and other distributed ledger technologies are now seeing multiple uses, ranging from SME funding and data distribution to charitable organisations across China.
"As China fights the raging Coronavirus pandemic, it's now using blockchain technology to resolve trade barriers and track quarantine activities", Commented by Joseph Yong, Head of Investor Relations at . "Like AI, this emerging technology is now witnessing a resurgence in other uses while the cryptocurrency shine is starting to fade" Joseph Yong added.
Alipay currently leads the way with its blockchain-focused online information platform. Using Ant Blockchain, the platform helps citizens learn good prevention habits by sharing COVID-19-related materials over mobile apps. This scheme is being driven by the Health Commission and Committee of Economic and Information Technology of Zhejiang Province.
"With vast amounts of invalid Coronavirus information being distributed around the globe, the Alipay initiative keeps everything true to its origins with the info shared being approved, authenticated and therefore unable to be tampered with", Added Liu Hongwei, the company's Chief Technology Officer at .
Ant Financial is also launching an online bid-opening program which is also powered by blockchain technology. It wants to help SMEs engage in contactless bidding from remote areas as these companies take quarantine measures to battle the Coronavirus outbreak.
Ant's consortium blockchain technology enables tamper-proof bid opening materials and processes, ensuring that the contactless bidding is transparent and secure which are similar to the systems.
With SMEs facing liquidity pressure, Ant Duo-Chain, Ant Financial's blockchain-powered supply chain financing platform, is helping many to apply for bank loans. Every loan application will utilise the companies' receivables from large enterprises. Ant Financial hopes that the platform will help SMEs cope with the financial challenges that many businesses are going through right now.
Getting the right equipment to emergency staff battling at the virus front-lines is one of the pandemic's most significant challenges. Medical staff in Hubei Province, Shanzhong, the original epicentre, are receiving much-needed donations of face masks, medical supplies and funds through a blockchain-based donation monitoring platform. The project in China is run by Xiong'an Group and the start-up company Hyperchain.
The expanding efforts to use blockchain technology to address real-world problems are transforming the way blockchains are used. In its latest forecast, IDC sees China's enterprise blockchain spending will reach USD 2 billion in 2023.