How Blockchain and Cryptocurrency Industry Has Managed to Deal with the COVID-19 Situation

How Blockchain and Cryptocurrency Industry Has Managed to Deal with the COVID-19 Situation

Blockchain
September 30, 2020 by Elias Powell
325
The year 2020, as we all know has been one of the cruelest years of the 21st century. It has not only shaken just one sector or field but also jolted the entire world’s economy, population, health or trades. Right from the start of the year 2020, several countries around the globe had started finding
How Blockchain and Cryptocurrency Industry Has Managed to Deal with the COVID-19 Situation

The year 2020, as we all know has been one of the cruelest years of the 21st century. It has not only shaken just one sector or field but also jolted the entire world’s economy, population, health or trades.

Right from the start of the year 2020, several countries around the globe had started finding the Coronavirus cases. Before anything drastic could be done to measure its spread, the entire world was in a state of emergency. Later, the World Health Organization (W.H.O) announced it to be a pandemic and requested governments from all around the world to start following the prescribed SOP(s). The World Health Organization (W.H.O) also recommended worldwide lockdowns and curfews to stop the virus from spreading any further.

Even with so many precautionary measures taken, the world had to suffer from one of the most chaotic situations, which resulted in hundreds of people losing their loved ones to this pandemic. As of now, more than 33 million people around the world have been diagnosed with corona symptoms while 1 million people have lost their lives to this COVID-19.

This situation caught even the world’s most advanced and developed countries unguarded, and proved that even with so much success and advancement, these countries were not prepared to face this kind of situation. The world’s economies, companies, traders, and every sector was affected by the COVID-19 situation.

However, in this time of need, the Cryptocurrency and Blockchain industry proved how useful it could become if it received the right amount of credit and following it deserved. The cryptocurrency industry provided millions of unemployed individuals an opportunity to mine or buy crypto-coins to started their own trades and earn profits. This helped many people get back on their feet and help them keep food on their tables.

On the other hand, the blockchain technology proved its worth as a platform that could be adapted in every sector of the world for advancements and developments. In the time of COVID-19 situation, blockchain technology-enabled many global companies in gathering critical and useful data around the COVID-19 cases in a very short amount of time. Additionally, the blockchain technology, with its fast payment and data transfer mechanism, enabled health organizations to transfer sensitive data around the coronavirus researches and tests to be very fast as well as accurate.

China alone managed to create 20 different types of blockchains that were created for the sole purpose of gathering and processing data related to the corona cases. Being launched in the month of February, these blockchains helped to expedite the health records collection processes. It has helped organizations manage data surrounding the relief supply allocations and management of the collected supplies.

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