The coronavirus pandemic has plunged the world into “ a crisis like no other”. Not a single aspect is left untouched by COVID-19. The aftermath can be seen all around us. Stating that, has this pandemic also impacted the Blockchain world? If yes, then in what manner? We’re about to find out. If not, let’s see the positive terminology brought about.
Given this pandemic, some of the blockchain companies have been found affected and others see absolutely no change. As reported, most of the crypto conferences supposedly to be held in 2020 were either canceled or postponed as many of the panelists decided to drop out, among them were the Binance Blockchain Week Vietnam and TRON’s native summit. While on the other side of the coin, some companies have leaped at the chance by digitizing business operations and shifting employees online.
As reported by CNN, amidst the spread of coronavirus, Bitcoin, Etherium, and some other cryptocurrencies saw a surge in their stock values, indicating that the investors were more or less, nervous. As observed, on March 12, the price of Bitcoin fell below $4000 but it soon recovered, reaching a value of $8000 in April.
Source: Bitcoin Price
What was it like before the pandemic?
Blockchain technology has been a light bearer for many technological developments in the past years. The economic benefits of it are also rapidly expanding, with its potential being explored. In the past two years, blockchains have been integrated into a diverse range of projects including, AI, automation, IP, finance sectors, agriculture, and more.
Blockchain 50 – by Forbes, published on Feb 19, saw some huge companies using Blockchain as swiftly as sending an email across, to speed up business processes, elevate transparency and save up on a million dollars.
Blockchain - a savior in times like these?
The biggest edge that blockchain has over any other technology is its power to harness real-time data sharing. The WHO in association with other tech giants, government, and medical facilities has developed a blockchain-based system that aims at tracking and precisely detecting infection hotspots. Announced March 27, Mipasa is built on top of Hyperledger Fabric, promising to prove helpful in combating the pandemic.
According to the official website:“ A true data sharing ecosystem already helps address both the sudden spike in need for verifiable data during the COVID-19 outbreak challenge, as well as deliver future data reasons and certainty, by improving our ability to access, validate and harness data and analytics at scale. ”
Countries like the USA, China, and UAE have readily adopted multiple blockchain applications that can help in tracking virus’ spread, medical supply-demand chains, donations, and even assist with verification and identification of official documents, allowing people to smoothly work from home.
As for India, it is headed to become the next Crypto hub. Prime Minister, Narendra Modi has countersigned blockchain as an ‘opportunity in frontier technology’. Factors driving crypto adoption in India – Demonetization, Huge domestic and foreign remittances, Currency fluctuations, and mismanagement.
Blockchain is emerging out to be the technology of the future and is paving ways to prevent future crises and transforming the existing payment infrastructures. It is key to leverage new markets and build meaningful tools that will be beneficial in improving the global economy.
FAQs -
How can Blockchain be vital in Crisis Management?
If the governments were to implement blockchain-based applications in crisis management it would not only alert the public but also offer better measures to contain it and maintain smooth communication. It can offer a secure platform where the concerned authorities can interact.
What are the potential areas of Blockchain applications?
Blockchain is an emerging technology that has great potential in areas such as Financial Services, Agriculture, Logistics, Insurance, Blockchain IoT, Supply chain sensors, Personal Identification, Asset Management, and even smart appliances.
Can the Crypto World improve the economy?
Many developing economies like India, Kenya, and other East African countries are trying out an increasing array of blockchain applications. Areas like banking services, healthcare, administration services, import-export, and many more can channel the power of blockchain to boost the economy.
How has the role of Smart Contract Auditing Firms increased in the recent past?
With Blockchain comes the need to provide the most secure platform and for that Smart Contracts auditing is the only way to go. Auditing ensures that an application has no loopholes or vulnerabilities. As the world progresses towards Crypto, so do the hackers, hence getting an Audit for your Smart Contract is of utmost importance and we’re happy to help you with that.