How COVID-19 Will Require Markets to Adapt To The New Paradigm Shift

By Moey | Moey's Articles | 25 May 2020

The ongoing Covid-19 pandemic will greatly influence the already evolving market trends.

Initially, technology was seen as the major driver of change in the business environment. However, the onset of the pandemic sheds light on the many changes that businesses must make to survive future problems.

Already, there are discussions on the long-term economic impacts of the pandemic, which suggest some tough times ahead. To try and mitigate some of the expected challenges, industries may look to blockchain technology to bolster their operations and provide new life in the seemingly crippled global economy.

In this article, we will discuss how blockchain adoption can help enterprises as they try to adapt to shifting market trends.

Enterprise Automation

Most enterprises are automating their production lines to improve their products and streamline their facilities. From motor vehicle manufacturing to food processing, enterprises are mostly using semi-automated processes to achieve their product demands.

The onset of the pandemic reveals the need for having fully automated processes to compensate for human labor that will likely be scarce during such pandemics. Fully automated plants are possible as we have existing technology that can make it possible.

Moreover, the revelation that is blockchain technology can help make these processes secure and streamlined. There are various companies offering solutions that large corporations would, such as Amazon, appreciate.

By using IoT devices and machine learning, warehousing and other industry solutions are now available for enterprises through blockchain technology. Independently, these solutions work; however, blockchain allows for interoperability between these devices. Further, the solutions can work in harmony with other centers in different locations globally to harmonize production.

Automation is possible beyond factories. Blockchain-related automation is possible in marketing and other enterprise departments through various ready-to-use applications. Through them, enterprises will get the best out of their staff and their resources.

Experiential Innovations

Augmented reality and virtual reality are innovations that are increasingly becoming accessible to many around the world. These innovations are likely to be part of the future, especially after the scenes of this pandemic.

With education and businesses greatly affected by the stay-at-home orders, enterprises can turn to augmented reality to fill the gaps created by social distancing. Applications of augmented include industries such as retail, tourism, education, among others. Enterprises providing services in these industries should consider augmented reality as a medium for providing their services.

For example, in the Covid-19 scenario, schools can take advantage of augmented reality to teach learners in all fields, including those that require a practical approach such as medicine and engineering.

Experiential innovations also give enterprises a chance to redefine certain aspects of life, such as entertainment. One factor highlighted during the ongoing pandemic is the need for human interaction, even virtual human interaction. With virtual reality, the possibilities are only limited by our imagination.

Enterprises must also take advantage of the growing global smartphone numbers. With over 3 billion smartphones expected to be active by 2021, enterprises have a really good chance of reinventing their products and services.

Now, we need blockchain in experiential innovation because of the security it offers as opposed to the centralized solutions in place. With blockchain technology, enterprises can enjoy the convenience of augmented/virtual reality while being assured of data security. Security is a key concern, even with experiential innovations. A secure system ensures users are enjoying the benefits of technology without having to stress about potential exposure or misuse of their online data.

Embracing Technology

Released in 2009, blockchain has improved so much in the years of its existence. In its 11 years, developers have improved blockchain protocols to meet the demands of changing technology and a population migrating from centralized platforms.

The fast protocols and efficient applications are as a result of years of optimization. One of the protocols that enterprises would do well to consider is the Aelf platform.

Most of the services described in this article require a blockchain protocol that has excellent latency and scalability, among other aspects. Aelf fulfills this role and provides even more by utilizing parallel processions, cluster nodes, separation of database storage and processions components to remove bottlenecks in performance within a sidechain. Through its sidechains, the protocol can serve different departments of an enterprise separately while maintaining interoperable options among the departments.

Another crucial advantage of early adoption is the potential of getting acquainted with the world of cryptocurrencies. In as much as institutions may deny their importance, the economic challenges that many have gone through during this period will be enough to convince part of the population to consider cryptocurrencies.

COVID-19 May Yet Lead Us Into a New Dawn

For many enterprises, the Covid-19 pandemic allows them to assess the future of their operations. Various changes will come which may force some out of business. However, by staying ahead of the curve, enterprises have the opportunity to remain relevant well into the future.

By embracing technology and more so blockchain technology, enterprises will preserve their lives and safeguard their future. Blockchain may very well be the key to future enterprise success.