Vector ITC discusses why Blockchain is one of the key technologies that can help fight the coronavirus

The Blockchain is a disruptive technology that has the ability to increase the efficiency of any industry’s workflow, as it is a transaction tool that can be programmed to record any form of information exchange that has value. The implementation of this technology can be fundamental for the daily management of crises like the one we are currently going through due to the coronavirus outbreak. For this reason, from Vector ITC they have analyzed the main scenarios where this tool can generate radical transformations and the main benefits of its implementation.

As every state-of-the-art technology, the Blockchain has around it a series of elements and processes that help to better understand its operation and purpose. Applying it to the current context and the problems resulting from the pandemic, it could be the solution for; monitoring drug supply chains, managing medical data, advising citizens and identifying the symptoms of infection.

Since the emergence of the Blockchain, all industries worldwide have been able to see the immense amount of and benefits it offers. Next, Vector ITC, points out the following keys of this technology:

  1. Decentralization and trust: The Blockchain is built on trust, where transactions are carried out in an encrypted and coded manner. In addition, with decentralization, if information were intercepted and fell into unwanted hands, only a small amount of data would be compromised.
  2. Transparency: Blockchain technology is a type of distributed ledger where all network participants share the same documentation as individual copies. Therefore, data in a blockchain is more accurate, consistent and transparent, thus improving the trust of all users.
  3. Durability, reliability and longevity: Confirmed blocks are very unlikely to be reversed, which means that once data has been recorded in the block chain, it is extremely difficult to delete or change it.
  4. Reduced transaction costs: For most companies, reducing costs is a priority. With Blockchain, a company does not need so many intermediaries to guarantee transactions because it does not matter if it can trust its business partner, as this has been previously verified. It is estimated that approximately 70% of the value that Blockchain brings to a company is in cost reduction, followed by increased revenue generation.
  5. High availability: Data through Blockchain is accurate, timely, complete, consistent and easily accessible. Essentially, this type of technology simplifies not only trade, but also accelerates processes, increases traceability of their origin and facilitates the availability of records, among other things.
  6. Faster transactions: By streamlining and automating different processes, transactions through Blockchain can be completed faster and more efficiently. By all having access to the same information, it becomes easier to trust each other without the need for numerous intermediaries. Therefore, clearing and settlement will be much faster.
  7. Verified and “secured” data: By using a distributed network of nodes based on Blockchain, transactions are verifiable through a process known as mining. Therefore, a system based on this type of technology eliminates the risk of relying on a single organization.

“There is no doubt that Blockchain has the potential to transform the economy and transactions by eliminating duplication of effort and unnecessary processes, ensuring greater data integrity, simplifying ecosystems, empowering users, and generally delivering a more efficient and secure system. A way of doing business that has never been seen before, while providing a lower operational cost. That is why it is positioned as the leading technology to face the pandemic,” says Rafael Conde del Pozo, Digital & Innovation Director of Vector ITC.

In short, Blockchain has the potential to revolutionize all types of industries, improving the efficiency of the workflow, thanks to principles such as decentralization, transparency, durability, cost reduction, high availability or speed of transactions. And although its adoption is not without its challenges, it represents a key competitive advantage for companies that manage to do so.

For more information, see and download our whitepaper on Blockchain here (Content in Spanish).