Blockchain technology has been utilized in saving the lives of people affected by the Covid-19 pandemic for a long time. Now, the distributed ledger technology (DLT) is to be exploited to expedite disaster relief to affected regions if 10 designated volcanoes explode.
The Red Cross organisation has been distributing about $1 billion annually in the form of cash or vouchers to save and support the lives of people living in disaster-prone regions. The non-governmental organization now wants to utilize blockchain and cryptocurrency to support slum-dwellers and villagers living in Kenya and enable the affected people to earn digital credits for their work. People can exchange these credits earned through blockchain for local goods and services.
The Danish Red Cross has rolled out a DLT-powered catastrophe bond worth $3 mln for disasters associated with volcanoes in different countries including Columbia, Guatemala, Cameroon, Mexico, Chile, Ecuador, and Indonesia.
The Volcano CAT bond is projected to be launched on an insurance-linked securities (ILS) DLT. The use of the technology in this life-saving program will guarantee the NGO aid agency to conduct cheap transactions to people displaced or affected by the volcanoes, and guarantee secondary market trading among ILS venture capitalists.
The DLT system that will be used in the volcano CAT bond will exploit a model that can predict the trajectory of the volcanic ash cloud utilizing the predominant winds. When the model finds out that the ash is going to start gravitating towards susceptible regions, the DLT-driven catastrophe bond will automatically conduct a pay-out with the help of a trigger mechanism created by the multi-hazard risk management platform Mitiga Solutions.
The trend of using blockchain in life-saving programs seems to be gaining momentum. According to CoinIdol, a world blockchain news outlet, healthcare facilities are seriously using DLT to combat the spread of the Coronavirus pandemic. The disease has so far killed over 2,748,763 people globally. Since blockchain tech can allow effective, secure and transparent digital medical records, the technology is used in providing civilization with a decentralized model for HIE (health info exchanges).
Blockchain has also been used by health services including UK’s NHS facilities such as Stratford-upon-Avon and Warwick, in contact tracing of Coronavirus patients, verification of smart contracts for disaster relief and insurance, storing the medical records, making records on production and delivery of Covid-19 vaccines.
Blockchain has improved the supply chain of vaccines, ensured the authenticity of medicines, helped to speed up clinical tests and played a big role in conducting effective patient data registry.
The technology enabled effective monitoring and storage of Covid-19 vaccine in the UK and this allowed the government to vaccinate over 28.3 million citizens so far - the technology has contributed a lot to save the lives of over 100.9 million people that have recovered from Coronavirus after being treated by the drugs stored, monitored and transported by decentralized technologies including blockchain.