COVID-19 Is Seen As Major Accelerator For The Blockchain Industry

We all know that blockchain tech has a lot to offer, and analysts in the latest crypto news are saying that COVID-19 might be the best thing that has happened to the entire industry. The COVID-19 spotlight, according to them, is what could increase the adoption of distributed ledger technology in various sectors such as supply chain, healthcare, finance and taxation.

Blockchain tech first entered the world in the new millennium, showing a lot of promises. As soon as it became a buzzword for up and coming projects and old ones who needed a facelift, it also stirred the world of cryptocurrencies.

The blockchain news later on showed a lot of development of this technology – and in 2020, the global pandemic caused by the COVID-19 virus (known as coronavirus) is possibly one of the major accelerators of this technology in the 21st century.

According to Marian Obaid Al Muhairi who is a Project Manager at the Dubai Future Foundation and his statement in a WEF blog post from earlier this month:

“With over four trillion consumer products made and shipped around the world each year, we cannot afford to continue operating in the dark when it comes to keeping track of these products, especially when some of these products could save lives.”

The public support for blockchain technology is not surprising nowadays, considering that when it comes to pandemic treatment, the supply chain is in the spotlight and plays a major role. The developments around blockchain during COVID-19 have also been increasing – as of recently, IBM launched a blockchain network in order to bolster the medical supply chain during this pandemic.

According to experts, there are many ways blockchain can help in battling COVID-19. First of all, it could enable the establishment of a public medical record. In this case, doctors around the world would have any patient’s entire medical history available on their fingertips, right before they start treatment.

However, we are still far from achieving this goal, but there are many companies working on changing protocols in order to be able to track COVID-19 test results. On top of that, another breakthrough for the technology is digital currencies finally being accepted by central banks – China was the first to start working on a state digital currency which is known as “the digital yuan” – now followed by many other countries that are considering issuing their own coins, including the United States with its FedCoin approach.