coronavirus COVID-19, which virtually the entire world is already struggling with, strikes with great force in various areas of society's lives, also in the economies of states - supply problems will increase in intensity. It is therefore worth pausing for a moment how technologies such as artificial intelligence and blockchain can help in a crisis.
Supply and production at risk
coronavirus, which contemporary countries have to face, has powerful consequences, also in economic terms.
In this context, the biggest problem seems to be supply chain disruptionwhich progresses, just like a virus, at a frighteningly fast pace.
While the demand for individual products (masks, disinfectant fluids) has increased rapidly, the production of others stops due to lack of parts. Technologies such as blockchain and artificial intelligence can prove to be highly helpful in overcoming the crisis in which we are sinking more and more.
Application of blockchain and AI
Both technologies have great potential to be used to combat the aftermath of the coronavirus epidemic.
First, they can help with predicting the reaction for events happening, and forecasting where and for which demand will appear.
It can be particularly useful in this respect artificial intelligence, identifying patterns and anticipating further consequences.
Various AI-based techniques can also help identify high-risk patients.
Secondly, both technologies can be used to maintain supply, especially when supply chains depend on one source, the functioning of which may be disrupted.
Wide application can be found 3D printing technology, consisting of layer-by-layer production, which can be successfully used in, among others in the food industry.
Another problem of great importance in the current situation is questionable quality and origin medical equipment.
And here technology is used blockchain, which allows you to track the origin of an item. At the same time, it provides an open distributed registry - its individual records are visible, but they cannot be deleted or modified, thus ensuring transaction transparency.
In China, for example, blockchain is used to track and confirm public announcement sources, which helps catch false information. They also rely on this technology smart contracts, automatically transferring funds when the appropriate conditions are met, and also helps to reduce price inflation, while contributing to a transparent and fair distribution of costs.
Both blockchain and artificial intelligence have enormous potential that can increase even more when they join forces.
However, this requires appropriate competence and investment in infrastructure. Crisis management usually has three main stages: preparation, response and recovery.
Undoubtedly, we are now in a phase of response, so appropriate steps are needed to support entrepreneurs in responding to economic changes, and they can undoubtedly include investing in areas such as blockchain, 3D printing and artificial intelligence.