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Blockchain Technology And Its Utilization For COVID-19 Vaccination

The coronavirus pandemic has incited uncertainty and panic around the globe due to its novelty. It has adversely affected every socio-political regime and caused one of the greatest economic recessions of modern history. The new realities of COVID-19 outbreak have made us realize that we need modern solutions to the modern world-problems. We can see increased technological adoption and innovation in the fields of medicine, transportation, communication, education and, community welfare, etc., in line with the combative and protective measures of coronavirus pandemic. It goes without saying that finding a vaccine against Covid-19 is crucial yet it is even more important to ensure its equitable distribution across the globe. How is this possible? Well, blockchain technology is one of the most proposed and effective ways to be put into effect in this regard.

How Blockchain Technology Will Help End the COVID-19 Pandemic?

Given the current circumstances, we need to build vaccine manufacturing and supply chain capacity even larger than ever before. The security and verifiability of blockchain will help mass production, distribution and vigilant monitoring of the whole process in an innovative and secure way. This can be understood by going through the following:

Mass Production and Distribution

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A blockchain ledger will ensure the most efficient supply chain by recording the manufacturing process and tracing each stage of production and distribution across the chain. A blockchain enabled supply chain will be equitable because of its decentralized nature. Without a single source of control, it will ensure pouring down to the ones who are in the urgent and actual need of vaccination.

Quality Control and Waste Reduction

The storage and transit of vaccines often leads to a percentage of loss. The blockchain technology will decrease the wastage percentage by tracking each source and stakeholder within the supply chain. It will help the healthcare industry to minimize problems and risks. From controlling the storage temperatures to accessing the number of needed syringes, this technology is capable of ensuring the access of every patient to the vaccine in a transparent manner.

Building an Equitable and Responsive System

Provided that there are multiple economic, geopolitical and nationalist interests, the supply chain for coronavirus vaccine will be unique. These interests are projected to influence the finding of cure, manufacturing the vaccine, and it's access and availability; the supply chain is needed to be equitable and responsive. There should be a global consensus on who should get it first, instead of disputing over who should buy it first. A blockchain technology is expected to sort these interest-related problems of the modern times.

It is essential to mention that in these testing times, a Vaccination Cryptocurrency (VAC) has been developed and employed for transparent and easy collection of contributions for the global fund that had been put into place by the World Health Organization to aid the production of COVID-19 vaccine. Given the promising prospects of cryptocurrency and blockchain technology, it has been dubbed as "the future" by many people. The day is not far when this technology will be considered a backbone of innovation, secured data storage and transformation.