Blockchain:New World Order (Covid-19) Time
11 Pages Posted: 28 Jul 2020 Last revised: 28 Sep 2020
Date Written: July 19, 2020
The COVID-19 pandemic has impacted virtually all businesses, but the effect has not been stable yet. While the current disruption may present challenges to the blockchain industry in the short term, it will also unlock new opportunities in the mid and longer-term. By providing help in the COVID-19 crisis and recovery, blockchain can play a pivotal role in accelerating post-crisis digital transformation initiatives and solving those problems highlighted in the current system.
Of course, no one could have foreseen the unprecedented upheaval caused by the novel coronavirus (COVID-19) pandemic which has almost disrupted and dislocated economies and ecosystems across the planet but COVID-19 has brought supply chains to their knees.
Nevertheless, there are some bright spots where blockchain is used to combat the effects of COVID-19 and aid in the recovery process. These innovative use cases can demonstrate the benefits of blockchain to a wider audience.
Organizations including the World Health Organisation (WHO), Oracle, Microsoft, IBM, among other tech companies, government agencies, and international bodies are all working together to develop the blockchain-based platforms and solutions.
Blockchain technology is anchored by its ability to enable decentralized sharing of verified, trusted, and secure information among individuals or organizations. Furthermore, it can be paired with critical security and cryptography to protect the privacy of the users and individuals contributing data while still providing provenance and trust in the shared data.
By providing help in the COVID-19 crisis and recovery, blockchain can play a pivotal role in accelerating post-crisis digital transformation initiatives and solving those problems highlighted in the current system.
However, at the present moment, blockchain is not the panacea of all the problems. While the promise and potential of blockchain are undoubtedly transformative, it is still in the nascence of its evolution.
Keeping a tab on this technology and our capacities is the right direction we can head towards.
Keywords: Blockchain, Coronavirus, COVID-19, Cyberlaw, cyberspace, supply chain, healthcare, banking, smart contracts, digital ledger, cryptocurrency, bitcoins, cryptogram, pandemic, infodemic, saviour, information technology, cybersecurity, law
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