Blockchain-enabled Disaster Management Frameworks bring together multiple stakeholders in the battle against time to mitigate the loss of life and assets, says the HashCash CEO.
PALO ALTO, Calif., Oct. 9, 2022 /PRNewswire-PRWeb/ — Disasters- whether natural or manmade- are unpredictable or unavoidable, resulting in widespread destruction and loss of human lives and property. HashCash Consultants chief Raj Chowdhury points out the need for real-time access to accurate data among multiple stakeholders, and how blockchain plays a significant role in improving coordination during disaster management.
Disaster management is a specialized category of operations management, aimed to maximize recovery output with limited time constraints. Humanitarian organizations and emergency service providers work tirelessly to provide resources and restore the situation. The operations yield large chunks of data, generated as service transactions offered by volunteers, paramedical workers, and other emergency response teams. Blockchain helps in ascertaining the veracity of these transactions and quick decision-making with real-time secure access to the verified information.
The HashCash CEO, also a blockchain pioneer, states, “Disaster management frameworks benefit greatly with blockchain’s integration. Its inherent traits help in streamlining the processes involved, increase operational efficiency and facilitate communication with real-data information.”
Attempts to alleviate the pain of the victims and restore the damage require dedicated efforts from multiple ends- governments, NGOs, telecom workers, residents, food, emergency medical suppliers and care providers, shelters, and even the insurance sector. Countless victims silently suffer the ordeal of waiting in line for documentation and settlement in insurance offices each year, having lost all their belongings in disasters.
“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,” remarked Chowdhury, who had previously called for infrastructure upgradation among agencies handling crypto investigations, and offered suggestions for brand-marketing in the metaverse.
Led by Chowdhury, the US-based HashCash Consultants is a frontrunner winning top awards in blockchain development and deploying tech products in over 26 countries. The firm is globally recognized for its white-label crypto exchange as well as cutting-edge blockchain solutions for supply chains and traceability. HashCash recently announced user-friendly updates for its crypto payment processor Billbitcoins.
Each disaster has its own unique set of challenges. Proactive planning and swift enactment can help in quick identification, reducing casualties and damage. Blockchain emerges as an ideal solution offering an immutable distributed database of authenticated information that can be updated in real-time- eliminating inconsistencies or discrepancies. Meanwhile, blockchain-powered smart contracts reduce the time taken for insurance settlements, automatically executing upon fulfilling the pre-written conditions.
- About Raj Chowdhury:
Raj Chowdhury is the Managing Director of HashCash Consultants and a Blockchain pioneer. Raj pioneered the first interbank Trade Finance and Remittance implementation of Blockchain Technology between two of the largest global banks. Raj is a prominent voice in the Blockchain and Cryptocurrency space and actively engages with policymakers in this area. He is a contributor to Economic Times, Business World, and CNNMoney and advises industry leaders in the adoption of Blockchain. He is a member of Asha Silicon Valley, a nonprofit committed to education for children in emerging countries. Author of the book ‘The Dark Secret of Silicon Valley’, Raj is an investor in blockchain and cryptocurrency companies and an active member of the philanthropic community.
COLEEN F, Hashcash Digest, +14159662907, [email protected]
SOURCE Hashcash Digest