The COVID-19 pandemic has engulfed the economy and has impacted a wide range of industries from retail to manufacturing. People and governments are petrified about what is going around.
The global pandemic situation has pushed us into an uncertain future. However, we need to skim this pandemic and move further from this uncertainty.
Several counties have already started reopening their borders after restraining the spread of the coronavirus in their region. This step has been taken to build up the economies and to avoid possible recessions.
In times like these, there is a thirst for promising technology solutions to solve complex problems. One such technology is blockchain.
Blockchain solution ensures resolving the differences with records through a common platform and brings back the trust.
Furthermore, blockchain technology features like transparency and decentralization makes it the most needed technology of the hour to exchange information confidentially and complete the transactions quickly.
After this pandemic, blockchain is likely to experience acceleration because of its ability to enable digital services that are either too expensive or too cumbersome to build on existing infrastructure. Digital payments have been growing for years, even before the pandemic. But the pandemic has forced people to turn to contactless payments to avoid the risk of contracting the virus through cash. Blockchain is becoming one of the best technologies to support digital payment as it is natively digital, programmable, offers a real-time gross settlement system, decentralized, transparent, and has a fixed audit trail.
Blockchain technology has also been utilized in various industries such as healthcare, food, and banking. A few common use cases in different sectors are given below
McKinsey reported that the pandemic has escalated telemedicine usage from 11% to 46%. Blockchain technology in healthcare helps in maintaining electronic health records that are safe and secure. Current health care resources can be used at full potential when paired with customized blockchain solutions.
According to Cointelegraph, China launched 20 blockchain applications in February 2020 to address Covid-19, which includes an online screening system that maintains health records securely and a platform that takes care of the management, allocation, and donation of relief supplies for COVID-19 patients. This blockchain technology has helped government and medical professionals streamline their operations in battling against the coronavirus without compromising privacy.
As blockchain continues to push various industries for mass adoption, the food and beverage industry is shaping up to be yet another destination for the technology.
According to the Gartner report, it is assumed that at least 20% of the top 10 global grocers will use blockchain by 2025.
One of the primary reasons for food providers to adopt blockchain technology is its ability to collect data from various sources and create a single view of the transaction. This improves the traceability of the food product and improves efficiency when it comes to food safety.
Another reason it helps in improving the trust among the consumers through its transparency along the food supply chain.
As the entire world works from home, there is an increase in digital transactions. This abrupt increase in digital transactions will heighten concerns of data security, privacy, and confidentiality.
And this is where blockchain technology is helpful for banks to create robust authentication and access control. Blockchain technology also helps banks to secure the data and applications on their network.
With the world trying to avoid physical touch in the wake of the coronavirus spread, blockchain has proven to be more effective and convenient in the context of both health and finance.
Blockchain can also add great value to the customers by facilitating digital payments in place of cash transactions during this difficult time.
One example of blockchain in the banking sector is automated loans. Micro-lending is powered by smart contracts that enable the customers to complete transactions without any additional online/offline confirmation.
It also enables customers to send digitized trade documents with complete security. The loan gets approved automatically when the pre-contract conditions get fulfilled as recorded in the blockchain. This blockchain technology also ensures that the fixed EMI is moving through accounts, fully digitized.
The COVID-19 crisis is likely to accelerate the shift to blockchain and redefine the overall business landscape. This technology is becoming a reality in many sectors already.
Even after this pandemic is over, you can still take advantage of blockchain. You can get the help of blockchain service providers and leverage the technology to speed up or improve their products and systems.
Blockchain is a promising solution for the future. Why not be future-ready? Contact a blockchain services company to explore more about this technology and how you can implement it in your business.