The manifestation of the blockchain technology

by Wirba Brice Divine Ransinyuy

Nowadays, the main discussion turns around the blockchain technology and help it is manifesting itself around the crisis that is happening at the moment. Globally, many businesses have seen setbacks or shutdown as a result of the enforced lockdown introduced by states and governments around the globe, be it in African countries, European countries, Asian countries, Latin American countries and North American countries are all singing the same songs and behaving the same way as their decisions are causing serious damage to the world’s economy. Many physical stores have closed their doors which has resulted to financial distress as money is no longer moving, thus increasing the rate of poverty and decrease in wealth among individuals.

The usage of the blockchain technology in the loan and insurance companies is becoming the more and more rampant. Providing loans and other financial facilities is a way to keep companies, organizations, enterprises and businesses alive. As times goes on, life seems to be harder and harder making things extremely hard for both the rich and poor as the gap richness has been seen these past times.

The blockchain technology still appears and manifest itself in data gathering as it is giving the possibility of gathering data and also the protection of privacy at the same time giving no possibility of hacking or the stealing of individual’s information’s. Countries like France have officially began the usage of contact tracing under the protection and trust of the blockchain technology as the blockchain will enable to gather and give patient data information at the same time more easily, thus enabling the monitoring of patients’ movements in order to ensure social distance while protecting the identity and data of the patient at the same time.

The most significant advantage of the bloclchain technology is the fact that there is no central entity or authority that will control users’ identity, it is the user that has the possibility to control his data and no one else, in other words, there is no third party. This blockchain based solution to limit the spread of the blockchain technology is done through using mobile apps under the setting Bluetooth.  This solution is going to use a decentralized privacy preserving tracing, known as DP-PPT a protocol that has been established by several European techs to ensure user’s privacy and also sensitive information.