The spread of coronavirus has resulted in a large number of companies and individuals stepping up to provide solutions. With globally positive cases expected to cross over 3 million in the near future, officials agreed that the collective effort of multiple industries was hour-by-hour.
According to recent reports, Singapore‘s LongHash is hosting the ‘Blockchain for Good’ initiative, an initiative in which companies are urged to come up with blockchain solutions to promote positive social impact.
Bigwigs such as McKinsey & Company, Enterprise Singapore, INSEAD and Hashkey Digital Asset Group will be supporting the virtual event with the aim of addressing the challenges that have arisen as a result of the current pandemic.
Longhash has been quite active in the Singapore Fintech ecosystem recently, and the advent of COVID-19 has only inspired it to push further developments. The organization claimed that it was to analyze the three main pillars of the outbreak of the virus. The three pillars will be addressed in a sustainable manner by all participants of the event.
On April 22, the Singapore government announced that the ongoing lockdown would be extended till June.
Initiatives taken by companies like Longhash were important because they were trying to ease the suffering of millions of people. Talking about the upcoming event, Chia Hock Lai, President of Singapore Fintech Association said:
“The unprecedented circumstances brought about by the coronavirus demands that we respond swiftly and effectively to alleviate its impact. In line with our long-standing commitment to embrace the efforts of digital innovation, Blockchain for Goodwill accelerate the transition from ideation to action. We look forward to the wave of ingenuity and fresh solutions that will develop from the course of the hackathon.”
Lai’s sentiments were shared by a number of industry officials, all of whom focused on the three-pillar solution framework. The first pillar includes the resolution of the issues currently facing Small and Medium Enterprises, in particular the extension of the lockdown. Several people have lost their jobs in the current crisis, with self-employed workers and freelancers carrying the brunt.
Other countries, such as the US, pumped money into the economy to protect small and medium-sized enterprises, but the process has been staggered and inefficient. Longhash believed that blockchain would be the perfect channel for creating sound, effective solutions to help society. The second pillar will focus on helping governments and communities to track and contain the spread of the virus.
At the moment, some countries have been testing pilot versions of applications that track the whereabouts of citizens in an effort to maintain social distance. The Government of Singapore has informed its citizens that everyone should follow protocols so that the coronavirus can be eradicated quickly. This formed the basis for the third pillar of ‘Blockchain for Good’: addressing the day-to-day challenges of social distancing and how to normalize it.
Applications for the event will be accepted until April 26 and the winner will receive a prize of up to $5,000. Emma Cui, CEO of Longhash Ventures, hoped that the responses would reflect the collective social spirit of all participants. Only time can tell us the extent to which solutions will help combat the virus, with millions of people waiting on the sidelines to breathe.