• Fri. May 24th, 2024

COVID-19 Opens an Opportunity Gateway for Cryptocurrency and Blockchain

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May 17, 2020

In the internet world, nothing has ever grown like cryptocurrency and blockchain. In a decade, it has captured the attention of big corporates and governments which accept the new technology called Blockchain. In recent months, the pace of Fintech firms to seek decentralized ledger technology (DLT) has been increased exponentially, thanks to the Coronavirus pandemic.

Central Banks to Roll Out Cryptocurrency

The increasing fear of COVID-19 enforced government authorities to think about contactless payments, and cryptocurrency has really served this purpose. The central bank of China is near to launch state cryptocurrency on a mass level, but still, they are in the testing phase. As the first target of COVID-19 was China, they had started earlier to lay out alternative plans, thus seeking more efficient ways of keeping alive world supply chains. China is not alone in rolling out central bank digital currency (CBDC), but other countries have also joined the table.

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The remittance service is reshaping by blockchain firms that provide instant payment solutions at cheaper rates across the borders. The new deals and strategic partnerships in the remittance network have appeared on the screen where crypto and blockchain have a major role. For, example, Ripple laid out a strong foundation for cross-border payments by providing its payment solution based on the blockchain technology.

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World Supply Chains on DLT Technology

Transparency and traceability are the most demanding things now in every sector of practical life. Both features must be fulfilled in every business, and DLT technology is the best-ever to solve this issue. Due to lockdown, traditional supply chains have failed drastically. To keep supply chains of food and medicines, various tech firms are creating DLT supply chains.

The cryptocurrency spikes in its value, but some investors still feel hesitant to invest in crypto due to its high volatile nature. The rise of stablecoins gives us a clue that people want cryptocurrency but they do not want high volatility. So, the government issued cryptocurrency might change the whole world financial scenario.

The Coronavirus pandemic has already disturbed the traditional working networks. The lockdown and closure of the world largest company have given a strong edge to cryptocurrency and blockchain.

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