Coronavirus has made an adverse effect on China not only through the deaths, but also economically and politically. Blockchain, however, may be the solution to the country dealing with the virus.
China’s economy is among the fastest-growing. By being hit by the virus, it slowed down its growth to 6%, which is the slowest since 1990. Businesses are not operating up to capacity, and those who go to China for business are shying away due to the virus.
What makes it hard for China, is the fact that they have only one political party, and there is no freedom. That made them to solely focus on business to outshine the global market. There is no democracy in China, and thus there is no transparency and accountability from the government. That makes everyone’s eyes to be on the president and government in general, lest chaos ensue.
Despite the issues that China has been having, its economy is still one of the strongest. It is the second-largest economy in the world and accounts for up to 16% of the global GDP. Its growth rate has been rising over the years making it overtake the US. That means the Chinese economy has a big impact on the world economy.
The growth does not mean that China does not have its issues. The country’s leadership has brought sabotage to its citizens clashing on their expectations. Citizens no longer trust the government because all government cares about is its reputation at the cost of the citizens.
Even though China is not planning to change its political system and governance, it is working on creating the famous silk road dubbed Belt and Road Initiative (BRI) which links China to the whole of Asia and the middle east. So far, 6 countries have signed up for that. The virus has created a hard-macroeconomic climate that has made everything complicated.
Blockchain technology has been an answer in many issues that industries face and might be the solution to what China is going through. China has embraced the technology for managing medical data, ensuring and tracking coronavirus prevention materials, and consulting the public.
Since the outbreak of the virus, there are over 20 blockchain-based applications that have been launched to help fight the disease.
The transparency nature of technology makes it possible to track and secure data transparently. That explains why it has been used to manage health records.
Blockchain has been used in the insurance industry to manage any coronavirus-related claims through the outbreak.
There is still so much that Blockchain can do, and it may be the solution to all problems that China is currently facing.
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