The Japanese Minister of Finance Taro Aso suggested that blockchain technology would be key to the global fight against the coronavirus pandemicas the technology can be used for contact tracing while maintaining privacy.
Aso gave the keynote address at the Global Blockchain Governance Conference, also known as FIN / SUM Blockchain Business, in Tokyo on August 24th.
“In the fight against widespread infectious diseases, blockchain offers a solution for contact trading.”he said, referring to the coronavirus.
There are nearly 24 million COVID-19 cases worldwide, including more than 60,000 in Japan.. Despite the subject of Aso’s speech, A limited number of people were allowed to physically attend the blockchain technology conferenceand others watched the speakers through live stream coverage.
The finance minister admitted this Although the coronavirus threat has not decreased, blockchain technology can provide privacy to anyone who tests positive through contact tracing. Additionally, the technology could give authorities a better measure of what to do in terms of containment to prevent possible outbreaks in the future.
Aso added that Any conflict between the blockchain community and Japanese regulators had to be addressed in order to move forward in this regard.
“Some of the blockchain communities may remain hostile to regulators as they feel that a lack of understanding of the technology could hamper innovation,” he said. “What we need is to work and work together to examine the best use of technology under the best governance.”.
Japan’s finance minister isn’t the first regulator to propose blockchain technology as a solution to some of the problems the country is facing due to COVID. The CEO of financial giant SBI Holdings said in May the technology could be useful for tracking and tracking the supply chain of essential materials like masks.