Blockchain technology has a lot to offer, and the Covid-19 spotlight can increase its adoption in various sectors including supply chain, healthcare, finance, and taxation.
Blockchain technology entered our lives by storm in 2017, showing great promise. It quickly became a buzzword for new up and coming projects and for old ones who needed a facelift. Yet, somehow, it seems as if blockchain failed to live up to its promise. The majority of the traditional financial industry was not eager to adopt it, mainly due to its association with cryptocurrencies, and a blockchain-based life-altering use case has yet to present itself.
Or Lokay Cohen, Bittax. Photo: Courtesy
With no prior notice, all of our activities shifted to stay-at-home mode. And then, while trying to work from home, eat at home, and take care of our kids at home, we finally realized that though we can track our Uber or Gett driver on their route, we still cannot get a clear answer on when we will get our groceries or our kids' toys delivered from a store a couple of blocks away. Trying to set up a home office under these conditions took us too much time and effort that should have been invested in actual work.
These kinds of frustrations may just be the best thing that could have happened to the blockchain industry. Blockchain technology has a lot to offer, and the Covid-19 spotlight can increase its adoption across various industries.
The first obvious use case for blockchain technology is improving the supply chain. Some will say that the supply chain is already the strongest use case for blockchain next to cryptocurrencies, but the pandemic is, without a doubt, making us all realize we need a better way to track our online orders. In fact, even the World Economic Forum (WEF) is looking to promote the development of a global blockchain-based supply chain.
"With over four trillion consumer products made and shipped around the world each year, we cannot afford to continue operating in the dark when it comes to keeping track of these products, especially when some of these products could save lives," Mariam Obaid Al Muhairi, Project Manager at the Dubai Future Foundation, wrote in a WEF blog post earlier this month.
This public support for blockchain technology is not surprising considering that when it comes to pandemic treatment, the supply chain plays a crucial role. IBM, one of the most influential players in the blockchain industry, reacted quickly to the shift and, rising to the new challenge, recently launched a blockchain network to bolster the medical supply chain during the pandemic.
Blockchain technology (illustrative) Photo: Shutterstock