Blockchain and The Pandemic: Is Now a Time for The Technology to Rise Up?

Blockchain and The Pandemic: Is Now a Time for The Technology to Rise Up?

By Sal Miah | Sal's Articles | 12 May 2020



The world is in a transition. Whether we like it or not, we will have to conform to the new normal that will settle in once the pandemic is under control. The faster we conform, the greater our rebound will be.

Crucial to this rebound is the adoption of blockchain and its supporting technologies. Our reliance on centralized services is under scrutiny as the pandemic exposes global weaknesses in daily operations of various industries.

A closer look at the weaknesses reveals problems blockchain can solve with the right supporting technologies. In this article, we highlight why the pandemic is making a case for enterprise blockchain adoption.

Weak Links

For years, most industries prioritized profits over much-needed improvements. The short-term goals led to the current strains that economies are experiencing globally.

One of the industries that are heavily affected and that blockchain developers have invested so much of their time in is supply chain management. The effects of a delay along the supply chain are in full view of the global population as producers are forced to dump even more perishable products while part of the population is in starvation.

Optimization of global supply chain management can help solve the discrepancies of supply and demand in such unprecedented scenarios. Through IoT devices, suppliers can anticipate fluctuation in product demand based on the feedback they obtain.

Further, the supply chain can remain fully operational during such pandemics. With IoT devices, machine learning, and A.I in play, we can optimize production in factories through blockchain integration by having fully automated production options and semi-automated options requiring minimal human labor.

The options above are possible with centralized systems. However, the decentralized nature of blockchain makes it ideal for abnormal scenarios. Blockchain has a robust security system that can survive and remain operational amidst cyber-attacks and with minimal human supervision.

Safe Meetings

Work from home is the new normal for most employees. Most meetings are now virtual, with Zoom taking the lion’s share of the online meetings. However, the glaring insecurities and vulnerabilities of the platform, and many others are justifying the importance of blockchain technology in the enterprise set up.

With decentralized video calling applications, enterprises are assured of privacy in meetings held on the platforms. Decentralization makes it harder for cyber attackers to pinpoint a weak link. It further upscales security by making sure that if a hacker manages to penetrate the robust security, only a small section of the block will be compromised.

After the pandemic, we will likely see changes in nearly all industries. One of the changes we may see is the reduction in physical meetings. Most enterprises will have to adapt to the changing trends in the business environment by having secure lines of online meetings such as those provided for by decentralized applications.

Moreover, with virtual learning currently taking place, we may also see an increase in virtual learning post-pandemic. All these changes call for a robust system that can seamlessly handle the network and security demands of transitioning economies.

Rapid Responses

If there is anything this pandemic has taught us that should stick is the advantage of preparation and the necessity of swift action. Both these lessons require one crucial thing, interoperability.

In a secure, interconnected network, industries from various parts of the world can cooperate and share data on a pending or existing crisis. Scientists from different fields can also share their data which would help us achieve our goals even faster. For example, the time taken to find a vaccine can be greatly reduced through blockchain and A.I.

The banking sector will also benefit from a network that can enable rapid responses. With demand for financial services likely to go up during a crisis, having a trusted network can help manage the numerous requests expected.

Moreover, banks can benefit from decentralized currencies made possible by blockchain technology. These would help ease the economic burdens, such as what the world is currently experiencing due to inadequate liquidity in various markets. A working decentralized currency could ease the pressure on cash during a crisis.

Various blockchain companies offer decentralized solutions such as those described above. However, it is important to note that companies such as Aelf offer the best all-round experience for enterprises.

Aelf offers services that cater to every industry and every need. Further, when it comes to compartmentalizing services within its network, it is arguably among the best in the industry. With the interoperability requirements in the future, platforms like Aelf are the way to go.

This article by Aelf summarized their impressive use of product tracing technology. With the current Pandemic being such an easily transferable illness, by using such supply chain tracement solutions, Aelf will be able to provide a coherent platform in allowing users to follow and monitor any new and/or potential cases.

Conclusion

Our eyes are now open to the glaring defects of our normal day to day operations thanks to the Covid-19 pandemic. We are going through it, growing wiser with each experience.

Now, the good thing is that we have the innovations for change, such as blockchain technology ready for adoption. All we are left with is adopting the use of these innovations in our daily operations to keep as prepared and ready for whatever inconvenience may come.

For more information on Aelf and their services, please follow this link.

Disclaimer: Please only take this information as my OWN opinion and should not be regarded as financial advice in any situation. Please remember to DYOR before making any decisions.
 

♂️ Hi, my name’s Sal.
If you found this article useful and would like to view my other work please be sure to clap and follow me on Medium and LinkedIn!😎


Sal Miah
Sal Miah

Crypto & MMA Enthusiast. Writer for a variety of good causes that encourage social progression. #freshgraphics #topbitcoinbeliever 👻👽


Sal's Articles
Sal's Articles

The very best in blockchain news and events along with opinion pieces for the betterment of cryptocurrency.

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.