Corona Pandemic is shaking the entire world in all aspects! Be it environment, health, economy or human minds; everything is at long breaks! But, this commercial break has affected the global economy, and it would take at least months or years to get back to a stable economy.
The corona has spread over 200+ countries within a short span of time. As the provenance of this disease is based out of China, the major supplier of raw materials for industries, the world is terribly affected. The commodity transfers are on hold as the coronavirus is believed to stick on objects and could affect people from them.
In this blog, let’s chew over the impact of COVID-19 pandemic in crypto space and how the world would have faced this pandemic if the blockchain-based ecosystems are implemented!
Impact of COVID-19 pandemic on the crypto market space
Amid the economic crisis, the cryptocurrencies are still stable to an extent. The price decline of crypto coins is presumed as the major cryptocurrency transactions are based out of China. The unexpected negative scenario that affects the entire world is addressed as “Black Swan” by the experts. In this corona pandemic, the investors and traders usually swap their equities, funds to stable assets. Now, the investors shift their assets to stable crypto coins like Tether. Hence, the cryptocurrencies are moved to the category of Gold-2.0!
How would the world have faced COVID-19 if blockchain ecosystems are in existence?
Fintech sector is heading towards a paperless economy. Digital transfers are preferred for goods exchange than physical currencies by banks, merchants. Now, let’s get into the processes which would be enriched effectively with blockchain on space!
Immense traceability on the supply chain of goods
The blockchain framework helps track the provenance of drugs, foods and other products. Hence, if there are people affected by the coronavirus in the manufacturing unit, we can avoid the utilization of products.
Rapid cross-border payments
In the lockdown of fintech industries, without any intervention of third-parties, intermediaries or employees, people can transfer money and assets across borders without any hindrances. Merchants can integrate best cryptocurrency payment gateways to accept distinct cryptos than developing customized solutions for instant remedies.
Many corporates, individuals, organizations step forward in this pandemic crises to afford donations. The people and government can trace the donations for which they are being spent.
Let’s all pray the almighty to recover from this pandemic situation! Soon, the world would recover from this crisis and let’s get back to renaissance of technologies!