"But as progress goes, we have put all our eggs in one basket"
Yeah, that looks way to ominous... same here, where there are only two major apps for basically ALL purchases.. and they're connected to SOOOO many things! (including, of course, your identity).
This country already has a social credit scheme, and locals have had their faces plastered over large public electronic billboards for not paying debts, bad behaviour on public transport, and can't get tickets for the fast trains, or planes, etc.
There was also an incident a year or two ago where a local rural bank went bust. People were trying to come in from other parts of the country to try to pull their cash out of the bank, but had their Covid codes turned Red so they couldn't get to the bank (or even into the city!!) Again, those codes were directly linked (used the same apps) as above - purchases, payments, etc. However, given the aged and poor population, they haven't been able to get rid of cash.
Lastly, perhaps what happened the other day was someone trying to see just how far people will react! It was only 12 hours or so... not the two days that will apparently destroy civilisation.
(I just had a silly thought... maybe this was another Hiroshima/Nagasaki - "look what we can do to you... so don't fuck with us!")