Corona Virus Disease 2019, one of the largest pandemic faced by the 21st
century human race with no defined cure found yet. With in the span of 4
months the virus has managed to reach every country. Not only that, the
global economy is completely facing recession as an outcome.This
is due to the fact that the local and global industries are shut down
as a preventive measure to contain the spread of corona virus.
Even
though the world has faced epidemics before, the impact it had on the
global economy was negligible. But in the case of corona virus commodity
market and the Forex market is facing the heat.
Amid
the economic crisis, the value of Bitcoin had a surge for the past
month. Presently per Bitcoin values 6,314.79 USD. This surge is
unavoidable as China, the major country that handles the cryptocurrency
transactions had disrupted work flow because of the major outbreak in
Wuhan, China.
Experienced analysts
call this event as “Black Swan”- a negative incident which cannot be
predicted earlier. In such cases the financial markets acts differently.
At such times, the investors and traders usually sell off their
equities and invest in gold and securities to minimize their risk
factors. Now, Cryptocurrency have also joined the asset class of safe
haven making them- Gold 2.0.
Financial Industry
The
financial institutions are closing down the shutters amid the outbreak
of coronavirus. This has made people to see the prospects of FinTech
Companies. Many industrial leaders are coming out with a view of how
FinTech industries could possibly take on the crisis easily.
In
this scenario, understanding the potential of FinTech companies is the
best way to prepare for the future. With this situation, the reliance on
the crypto based solutions such as blockchain based payment, Bitcoin
Wallet Development and coin/token development may be adopted in the
coming years.
Paper to Paperless economy
The
researches around has given out that coronavirus stays on objects for
longer duration of time. This reason has caused the Chinese officials to
quarantine fiat currency usage to minimize the spread of the virus.The
increase of cryptocurrencies is expected be increase multifold due to
such reasons.
The
potential use of blockchain technology during such crisis has been on
round among the people. There are various ways in which the blockchain
technology can serve as a great tool to tackle the situation.
For Tracking donation- It helps to track the donations that’s been contributed by the individuals until it reaches the required destination.
For insurance claims- It can make the insurance claims easier through online process without coming in contact with any other person.
For tracking the supply chain of medical materials- The desired quality products can be tracked from its dispatch to maintain a steady flow of goods.
For tacking of data- Many
healthcare institutes has associated with blockchain solutions in order
to track proximity of the virus thus ensuring a tamper free information
being shared.
For cross border payments- Reducing
the fee amount being paid to transfer donations between different
organizations, government and health care institutions. Thus, saving
huge amount by reading bank transfer fees.
Conclusion
Before
coronavirus, many factors threatened the crypto industry, but noting
changed the expansion of crypto world. Political issues, hacks, scams,
government regulations, economic depression are few that can be named
among the others. Even though we cannot directly assume that crypto
assets will become a solution for the present global crisis, but it can
act as a potential tools to save the economic turmoil.
We, Pulsehyip provide crypto solutions including cryptocurrency exchange development, wallet development, P2P exchange development inclusive of many other futuristic features.
Comments
Post a Comment