Blockchain technology adoption is growing fast as a result of the pandemic

  • The adaptation of Bitcoin and the blockchain technology was accelerated by the worldwide spread coronavirus.
  • The demand for online courses on blockchain and cryptocurrencies has grown rapidly.

During the past months, the traditional way of operating for companies and workers around the world has changed its regular modus operandi. Due to the recent pandemic that came to light in the world, COVID-19, companies have seen the need to digitize their processes. Some have even given their operations a business turn to be able to carry them out day by day digitally, implementing the home office so that workers can carry out their functions from home. And so, that businesses do not collapse and can avoid the need of closing the companies.

Several companies around the world are adopting blockchain technology as a preventive measure against the pandemic. Currently, there are companies that provide blockchain based services. For example, Traxalt, a blockchain company that is growing at a very fast pace in the market, provides a blockchain protocol that could fit with companies that generate massive scale payment, but without the need of physical contact that banks would require. IBM is also developing a blockchain protocol for optimizing and tracking supply chains in a safe way, as it is one of the industries that have been the most affected by COVID-19.

A company that will implement blockchain technology in their daily operations is PwC (PriceWaterhouseCoopers), located in Spain. To facilitate the entrance of the employees to their offices, PwC will carry out a health passport which is blockchain-based. This health passport is basically a personal credential in the form of a QR code which will allow workers to show their state of health while COVID-19 alert is on.

This initiative is being implemented in conjunction with public administration companies and health centers. The COVID-19 test results that will be done to the employees by hospitals or medical labs, will be automatically recorded on a private blockchain platform, and these results will generate a QR code, which is the credential all employees will have to show every time they arrive to the office or whenever it is required.

One of the most important prevention measures of the pandemic is self-isolation and social distancing. Because of this powerful measure, companies have the need to implement solutions that can work together with this measure. A company that is embracing blockchain technology is World Sustainability Organization, specifically with its project Friend of the Sea. The solution to counterattack the effects of COVID-19 that Friends of the Sea implemented, involves video-recording and blockchain-based audits, instead of having a physical team developing the audit.

The demand for online courses has also exploded. Udemy, the popular online learning platform, has recently explained that the most requested courses are the ones related to Bitcoin and blockchain technology. This represents the interest that people have in learning about this technology, which they can implement in their businesses.

This virus is changing the traditional way businesses and companies operate. It is changing the way children learn. It is basically changing the MO by which the world works. It has revealed the weaknesses of daily operations and the way data is shared and managed. But it has also shown us that there are a lot of opportunities that are not being taken advantage of, such as the implementation of blockchain technology at the core of businesses. Blockchain provides endless solutions and advantages that can improve how things are done, and it is contributing to the battle that the pandemic has waged against the world.

About Author

Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.

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