Chinese Companies Still Bet On Blockchain Despite Coronavirus Crisis

350 Chinese companies that took on a survey, still believe that the blockchain technology has a huge potential which will help their businesses grow, despite the ongoing COVID-19 pandemic. In the latest blockchain news today, we take a closer look at the survey results.

According to Xinhua, the study called ‘’Blockchain in the Post-epidemic Age” shows that 70% of the Chinese companies surveyed before the coronavirus outbreak, were quite optimistic about the huge potential that the Blockchain technology has to offer. About 20% believe that they will invest even more in order to mitigate the effects of the COVID-19 crisis. Most of the companies believe that blockchain technology will help the economy recover from major financial damage because of the pandemic. The respondents came from 10 different industries including blockchain-related specialist companies, commerce, supply chain management, manufacturing, and finance. Experts quoted:

 “Industrial blockchain deeply serves the core body of social production-enterprises (…) As a trusted data network between enterprises, blockchain solves the problem that traditional centralized databases cannot generate trust among enterprises and solves the trust problem of multi-party collaboration.”

The researchers agree that blockchain technology is considered the “most effective way to fight against disasters.” The sudden outbreak of the COVID-19 pandemic forced many companies to pause development as the study stated, it seems that their faith in blockchain has not been altered.

As per the recent reports, over the past month, we have seen a series of ongoing efforts across universities, medical academia, the private sector and private citizens on harnessing distributed ledger systems in the fight against the novel coronavirus. In fact, experts note that blockchain tech could lead to advanced sourcing of medical equipment – which could in turn lead to COVID-19 immunity in the long run.

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 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.