Blockchain Technology Used to Combat COVID-19 Crisis

Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic
  • Many countries are struggling to come up with an appropriate aid package or a coronavirus relief bill as the number of COVID-19 cases spikes.
  • Example of a coronavirus relief initiative involving cryptocurrency is Helperbit, an Italian national disaster aid provider which announced on March 12th a partnership with the Italian Red Cross’ Colli Albani Committee.
  • Businesses like Traxalt, a global payment network based on blockchain technology, believe that crypto donations are a very efficient method for crowdfunding.

The coronavirus pandemic has caused a worldwide panic. Many countries are struggling to come up with an appropriate aid package or a coronavirus relief bill as the number of COVID-19 cases spikes. However, just 56 percent of people globally trust NGOs (Non-Governmental Organizations), according to the 2019 Edelman Trust Barometer, which surveyed more than 33,000 people across 27 territories.

Donors are now more likely than ever to demand clearer indicators that their donation will make a material impact. What this indicates is that building transparency is now more important than ever for nonprofits, and blockchain technology can play a central role in this process.

One of the major benefits of blockchain technology is its transparency

The blockchain network offers transparency in the case of its fully auditable and public ledger of transactions. All transactions on the site are indelible, meaning no-one can attempt to manipulate, amend, or remove any of the data stored, once it has been validated by the network. If the transaction was to be changed on the network, every other block in the system would also need to be amended, which is what makes the whole process of changing the transactions impossible. This transparency is an automatic feature which is a key part of the blockchain network, and this reduces any skepticism or mistrust at the time of donating money.

Businesses like Traxalt, a global payment network based on blockchain technology, believe that crypto donations are a very efficient method for crowdfunding. This is due to their decentralized nature and the fact that anyone in the world can participate in the initiative. Traxalt also has its public block explorer which allows users to track their transactions and make sure they reach the desired destination.

“Donations through digital wallets are easy, fast and secure. Transactions are reflected in seconds, making it a very transparent method to ensure that your donation was received.”

Another example of a coronavirus relief initiative involving cryptocurrency is Helperbit, an Italian national disaster aid provider which announced on March 12th a partnership with the Italian Red Cross’ Colli Albani Committee. They launched a bitcoin fundraiser to handle coronavirus emergencies. The target of $10,972 USD will be used to purchase medical supplies and equipment and any surplus will be used to provide medical staff with the personal protection they need.

A new era in crowdfunding is on the horizon. Blockchain technology will be at the heart of philanthropy over the coming years providing real-world solutions to many of the daily challenges facing nonprofits.

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