The Coronavirus pandemic has disrupted the current structure of the world and has exposed its flaws. World Health Organization has declared Coronavirus a pandemic in March 2020, and since then, 33 million cases have been reported around the world. It has not just the targeted health system but also the financial infrastructure.
Blockchain Provides Real Solution to Problems
Businesses around the world have faced many problems besides supply issues. To a great extent, blockchain technology can provide better solutions to these problems. Blockchain is a perfect solution to the businesses that are performing operations across the borders. In February, nearly 20 DLT-based applications came into existence to combat Coronavirus in China alone.
Many other countries tried to employ blockchain in various operations such as tracing and data collection of infected persons. In the US, the DLT technology could serve in a hundred of ways. In every sector, DLT can improve transparency, reliability, and security of data. It could facilitate the proper management of supply lines.
Role of Digital Currency
On the other hand, cryptocurrency can also play an important role in dealing with international disasters such as COVID-19. According to estimation, 1.7 billion people in the world are unbanked which suffered a lot due to lockdowns amid Coronavirus. To a great extent, their issues can be dealt with the digital assets.
As the World Health Organization warned that physical cash would transmit Coronavirus, a debate for cashless money started. Many countries have already started their research programs for digital currency. China is a major example that has started its digital project many years back, and now, it is close to launching its digital yuan. Several other countries started to think about digital currency after the Coronavirus pandemic. The United States is an example where a debate over the digital dollar is going on for the first time. Libra project on the part of social giant Facebook has also stimulated governments to regulate digital currencies. The European Commission (EC) is the latest regulator to propose a comprehensive charter to regulate crypto assets and stablecoins.
We can say that blockchain and digital currency will have a major part in the coming digital world.