In many ways, coronavirus was probably the best thing that could have happened to the blockchain industry. The technology's various applications are now coming to light as the COVID-19 spotlight shows Blockchain's adaptability across multiple sectors
Fremont, CA: The entry of Blockchain in 2017 was a complete surprise to majority of the people. The technology held a lot of promises but failed to deliver any. It became a buzzword across industries but was unable to make any disruptive changes to daily lives. The banking sector had the most to gain from the technology but was skeptical about it due to its association with cryptocurrencies. Hence a Blockchain-based life-altering use case never emerged.
Fast forward three years, and the rapid spread of the COVID-19 pandemic transformed life as we know it. Stepping out became sparse, shopping at malls became non-existent, and physical form of greetings ceased to exist. All of a sudden, every activity was adapted to facilitate a stay at home module. People were forced to work from home and manage all aspects of their lives confined to their living space. This has brought to light the extent of advancement of technology. While we can track an uber driver on their route, it remains impossible to know precisely when the groceries or toys ordered from a store a few blocks away, will reach us. Given these circumstances, setting up offices at home took a lot more time and effort that could have been focused on getting actual work done.
In many ways, coronavirus was probably the best thing that could have happened to the blockchain industry. The technology's various applications are now coming to light as the COVID-19 spotlight shows Blockchain's adaptability across multiple sectors. One case where Blockchain can make a breakthrough is the supply chain management system. While many argue that the supply chain system needs minimal changes, the pandemic has exposed many of its flaws. The need for a much better way to track our online orders is now becoming evident. The World Economic Forum is even considering developing a global Blockchain-based supply chain.
Approximately four trillion consumer products are made and shipped each year. That is a considerable figure just to be operating in the dark while keeping track of these products. The stakes are even higher when some of these products could save lives. Without a doubt, the public support for blockchain technology is quite high, considering the crucial role of the supply chain industry during a global crisis. IBM has been one of the front runners in the blockchain industry and has been quick to pounce upon the opportunity. The company recently launched a blockchain network to enhance its medical supply chain during the pandemic.
As the world prepares for a post-COVID-19 world, all eyes are on the medical sector. It all comes down to how well the industry can prep itself to tackle future issues. This is another segment where Blockchain can play a significant role. By setting up a blockchain-enabled public medical record, the medical industry will always be able to stay updated and alert. Doctors around the globe will be able to access a patient's medical history before the treatment starts. However, this application of the technology is still ahead of the time. Blockchain companies are currently working on changing protocols to be able to track COVID-19 test results.