Growing Contribution of Blockchain to Disaster Management Testify to Its Innovative Solutions Says, Raj Chowdhury

Blockchain technology-integrated disaster management frameworks bring along several stakeholders in the war against time to alleviate the loss of assets, quotes HashCash CEO.

Disasters whether natural or manmade are either unavoidable or unpredictable and result in loss of lives, properties, and widespread destruction. The chief of HashCash Consultants, Mr. Raj Chowdhury, highlights the need for access to real-time data among several stakeholders and how blockchain technology can help improve teamwork in such disasters. 

Blockchain Technology to Optimize Disaster Management Operations

One of the specialized categories of operations management is Disaster Management. The focus of the idea is to maximize the recovery output within a restricted time. Emergency service providers and humanitarian organizations work tirelessly to restore the present situation and provide proper resources. These operations gather huge amounts of data that is gathered as service transactions provided by paramedical workers, volunteers, and other immediate responders. Blockchain technology helps in discovering the accuracy and correctness of these transactions helps to optimize the decision-making process, and provides real-time access to the verified information. 

CEO Speaks

The CEO of HashCash Consultants, Mr. Raj Chowdhury asserts, “Disaster management frameworks benefit greatly from blockchain’s integration. Its inherent traits help in streamlining the processes involved, increase operational efficiency and facilitate communication with real-data information.”

In an attempt to minimize the pain of the disaster victims, and repair the damage done, multiple efforts from NGO workers, governments, residents, emergency medicines and food suppliers, shelters, paramedics, and the insurance sector are required. Several victims suffer from waiting a long time in line for insurance settlements and documentation every year after losing their properties in the disaster. 

“The underlying technology behind Bitcoin can, in fact, present positive results wherever documentation is necessary. This is exactly why governments and private organizations worldwide are searching for ways to integrate blockchain,” concluded Chowdhury. He has previously acknowledged the importance of infrastructure upgradation among the crypto investigation agencies and suggested brand marketing in the metaverse. 

In Conclusion

Since every disaster is different, it comes up with a new set of challenges. Dynamic planning and swift action can help to identify the issues quickly, reduce the number of casualties, and minimize damage. Blockchain technology has emerged as the best solution that offers a distributed database that is immutable with authentic and verified information that can be updated in real-time and eliminate any discrepancies. The blockchain-powered smart contracts can help to reduce the time taken to settle insurance and can be executed automatically once the conditions are fulfilled.

Source: https://finance.yahoo.com/news/blockchains-growing-contribution-disaster-management-070000001.html