With the pandemic of COVID-19 spreading through the world, many businesses have suffered losses due to the unexpected situation. One Chinese news outlet has shared that there has been a series of scandals regarding the misappropriation of public donations ever since the pandemic broke out, which caused a lack of confidence in how people’s funds are being distributed. In an effort to work against this, Chinese blockchain startup Hyperchain has developed a blockchain-based donation tracking platform called Shanzong. Anyone who wants to donate can use the platform to track their donation and see when their money is spent and for what. But Hyperchain is not the only blockchain solution for this problem. Another platform, this one developed by the State Administration of Foreign Exchange, has enabled 87 China-based businesses to receive more than $200 million in loans since the Lunar New Year.
The importance of these small businesses to China’s economy cannot be overstated, as they contribute to more than half of national economic growth and employment. Additionally, in October 2019, Chinese President Xi Jinping emphasized the need for the country to become a leader in the technology. The pandemic has served as an incentive to implement many new technologies, like blockchain and artificial intelligence, into ways to detect the virus and even try and develop a cure. Chinese authorities are also using drones in remote parts of the country in order to ensure that citizens are using facemasks.
