We are presently dwelling in an unprecedented time, with the COVID-19 pandemic sweeping the world and taking far too many valuable lives. Markets are being decimated and economies are on the point of a worldwide despair. Doctors, nurses, shopkeepers, pharmacy employees and everybody else engaged on the entrance traces will go down in historical past because the heroes of 2020. COVID-19, though devastating and disruptive, has revealed what will be achieved by humanity when people, governments, non-governmental organizations and companies genuinely work in tandem to seek out enough options to probably the most urgent points.
Although trivial compared to the devastation that the pandemic has had on human lives, the financial system has undoubtedly suffered. Stock markets have been hit arduous, posting among the worst quarterly ends in historical past, whereas numerous companies from airways to bakeries and virtually every thing in between are coping with crippling money shortages as revenues fall to zero.
In many instances, governments are having to choose up the tab and canopy the wages of those that have been made redundant, present tax aid and even distribute meals en masse to keep away from famine. These steps are geared toward stopping a whole collapse of their respective economies.
Although a whole evaluation of the ramifications can’t be precisely accomplished till years from now, what we will do is assess what has occurred, what’s presently occurring and what we must always anticipate in future.
Beyond the financial impression, we’re witnessing one of many biggest adjustments when it comes to social norms and work practices in historical past, with an unlimited shift towards digitally oriented dwelling. Adoption of faucet and pay and different digital types of cost have seen a meteoric rise in utilization to keep away from transmission of the coronavirus by touching pin pads or exchanging money. Individuals and companies late to the digital funds get together at the moment are seemingly realizing the advantages of digital funds, and are unlikely to modify again post-crisis. Fintech and blockchain options that allow contact-free funds shall be a transparent winner right here, alongside different progressive platforms that facilitate digital transactions.
We are additionally seeing swathes of companies shifting towards distant working. Post-crisis, it’s inevitable that some, if not most corporations will see that their enterprise can stay distant to a point, decreasing prices and rising effectivity. This will imply that many staff will change into acquainted with a digital lifestyle, however will even expose the inefficiencies of conventional paper-based processes and programs comparable to certifications, contracts, receipts and different types of paper trails.
Emerging during the last decade and accelerated by the present state of affairs is an overarching zeitgeist centered across the digitization of legacy infrastructure. What we’re seeing is a change of collective mindset on a large scale that may supercharge the adoption of digital applied sciences. We are solely a brief few hops away from a broad, if not international, realization that almost all paper-based operations will be facilitated and recorded by digital means whereas being extremely obtainable, secured and authenticated by blockchain expertise. Now, greater than ever, the necessity for value financial savings, elevated effectivity and transparency is omnipresent, and rising applied sciences comparable to blockchain have highlighted the dire want for such options.
One space the place that is significantly related is in healthcare. Many hospitals and clinics stay siloed, making it troublesome for medical professionals to entry sufferers’ medical knowledge. Countless information stay paper-based and locked in submitting cupboards, making it troublesome to entry, particularly given the present circumstances. These archaic practices merely don’t make sense in 2020, and blockchain presents an answer to this very drawback. By importing medical information to the blockchain, silos are damaged down and entry is democratized to make sure important information will be accessed when wanted.
COVID-19 has led to an unprecedented degree of devastation, and with that has come a substantial amount of change. It’s clear that human practices are altering, companies are adapting to evolving wants, and governments are making massive selections. The pandemic has highlighted the holes that exist inside society, specifically with reference to outdated practices that haven’t weathered the storm. We will seemingly see a surge in rising applied sciences that meet the evolving calls for of a society — no much less at a time when change is required most.