Coronavirus vs. blockchain: Hyperchain wants to help fight the disease
With 65,000 people affected by the coronavirus and over 1,400 deaths in China, many basic medical resources are insufficient to save the current situation. To improve the effectiveness of donations during the crisis, Chinese startup Hyperchain introduced a blockchain-based solution.
Coronovavirus and blockchain
According to the South China Morning Post (SCMP), since the outbreak of the coronavirus in China, there have been a series of scandals involving public donations. All this has undermined people’s confidence in the way state supported charities distribute their funds. Today, hospitals even report a lack of face masks for first aid staff treating infected patients.
On February 1, the Red Cross Society in Hubei issued a statement on its website. It stated that the organisation is deeply concerned, feels guilty and “blames itself” for the problems of distributing the material given to it by the donors. It turned out that as a result of the chaos that has arisen, an official of the Society will lose his job. Reason? “Neglect of duty in the fight against the new coronavirus epidemic.”
To remedy all of this, the Chinese blockchain startup Hyperchain, which is supported by the China Xiong’an Group, developed a donation tracking platform based on a chain of blocks called Shanzong.
It allows donors to track their donations at every stage and check when their money is spent on the medical equipment they need. Some of the existing donors are Yuegou Living Supermarket and New Sunshine Charity Foundation.
The recipients include Jiayu People’s Hospital, Tongshan People’s Hospital and Xiantao People’s Hospital No. 1 in Hubei. These are all facilities directly fighting the coronavirus. Hyperchain gave in a statement:
“Shanzong guarantees the authenticity of donation information by placing it on a blockchain that cannot be changed or deleted… This is the biggest difference [for traditional charity donations].”
China a blockchain
China’s President Xi Jinping caused a few months of rapid growth in interest in the crypto market when he officially supported blockchain technology and promised more funds for research on this topic. It soon became clear that this did not mean support for Bitcoin, but the People’s Bank of China is still working on its own digital currency.