Japan ‘s Finance Minister: Blockchain Can Help to Combat COVID

Japanese finance minister Taro Aso suggested that blockchain would be key. To the world’s battle against the coronavirus pandemic since the technology can be used to track contacts while ensuring privacy.

Aso gave the opening remarks in Tokyo on 24 Aug. for the Blockchain Global Governance Conference. Also is known as the FIN / SUM Blockchain & Business.

“In the battle against widespread infectious diseases, blockchain provides one solution for contact trading,” he said while referring to the coronavirus.

Worldwide, there are nearly 24 million cases of COVID-19, with more than 60,000 in Japan. Despite Aso’s speech topic. A limited number of people have been allowed to attend the blockchain conference physically. With others watching speakers through Livestream coverage.

The finance minister acknowledged that while the coronavirus threat has not subsided. And Blockchain can provide privacy through contact tracing for anyone who tests positive. Furthermore, the technology give authorities a better measure of what needs to be done with respect to containment, preventing possible future outbreaks.

Aso added that to make any progress in this regard, any conflict between the blockchain community. And Japanese regulators would need to be addressed.

“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 the technology under the best governance.”

Japan’s finance minister isn’t the first regulator to propose blockchain. As a solution to some of the issues facing the country under COVID. In May the CEO of financial giant SBI Holdings said the technology could be useful in tracking. And tracking the supply chain of essential materials, including masks.