In his opening remarks at FIN/SUM Blockchain & Business conference on Monday in Tokyo, the Japanese Finance Minister shared his stand on blockchain technology, and how its privacy features can be a factor to be considered in contact tracing.
FM Taro Aso believes that there's a possibility of incorporating the blockchain technology in the battle against the widespread respiratory diseases that infected almost 24 million people around the globe and killed around 800,000. Aso acknowledges that this technology, that blockchain offers could give authorities a better point of view and assessment regarding containment and preventing possible outbreaks in the future. The stigma that someone positive with the disease faces stops them from submitting on contact tracing with the fear of being singled out or judged. This is where the privacy feature of the technology work best to help workers identify and trace someone positive without compromising their identity.
The Finance Minister was amendable regarding the pre-existing conflict between the blockchain community and the Japanese regulators. He added that, for this initiative to work, both sides must meet and addressed their differences and consider collaboration to make progress in the end. “Some of the blockchain communities may still be hostile to regulators because of the belief they may hinder innovation due to a lack of understanding of the technology,” he said. “What we need is to work together and collaborate to consider the best use of technology under the best governance.”
Cointelegraph reported that the financial giant SBI holdings’ CEO shared the same thoughts regarding blockchain technology adoption in tracking and tracing supply chain for essential materials like masks and medical supplies in this situation.
The need for a blockchain-based contact tracing solution might be considered as urgent as cases continue to surge in different parts of the world. Japan has been one of the Asian countries which continues to explore the possible advantages this technology could offer not just in the fight for the coronavirus but even on their government-related projects. It earned the gold standard for blockchain in terms of pushing legislation on a crypto-driven market industry.