Why is COVID-19 a wake-up call for companies using blockchain technology?

Recent years have seen the increasing adoption of blockchain technology. From the healthcare industry to the financial sector, various organizations have been attracted to blockchain’s capacity to provide a quick, easy way of sharing information while staying secure. Not to mention, blockchain’s decentralized nature also makes it easier to keep track of how precious data is being amended.

Yet despite the benefits it brings, the world has not yet reached mass blockchain adoption. Some of the obstacles for organizations include not only the costs of transitioning to a blockchain system and difficult integration with pre-existing systems but also simply a lack of knowledge on the blockchain. Though some hesitance is certainly understandable, the ongoing COVID-19 pandemic may force businesses to rethink how they see blockchain. As operations move increasingly online in the face of worldwide lockdowns, newer and better solutions are certainly needed and perhaps the only blockchain can fill the gap.

Blockchain technology represents the opportunity for a paradigm shift regarding the storage and use of your personal data. By preventing any single entity from controlling the information, blockchain removes the ability of these entities to sell or monetize your personal data. Instead, blockchain encrypts your personal information preventing any type of privacy breach.

Though blockchain is most typically associated with cryptocurrencies, the way it improves the sharing of vital information has shown itself to be a potentially useful tool in the tracking of medical supplies. In the midst of a worldwide shortage of face masks and personal protective equipment for healthcare workers, the benefit of such transparency can hardly be understated.

The pandemic brings worldwide restrictions on movement that haven’t been seen since World War II, food supply security has become a pressing concern. Luckily, blockchain has enabled some companies to directly connect farmers to shippers, retailers, and financial institutions. Reducing reliance on middlemen for things like loans and transport resulting in more money for farmers and cheaper retail prices.

It’s clear now that blockchain will help private companies reimagine themselves and keep afloat during the pandemic. Just the simple fact that it’s such a great help in fighting the pandemic today implies that there is definitely a place for it in the world of tomorrow, even after the pandemic hopefully subsides.