Blockchain has faced uncertainty under the pressure of the pandemic, as even big companies have felt the brunt of financial loss. Yet blockchain could be the solution to many of our problems, and this is becoming increasingly clear as time goes on.
The problem isn’t one that blockchain will solve alone. It’s one that platforms, backed by blockchain, have the potential to solve. And it isn’t just one problem: it’s a myriad of them, of siloed data, insufficient supply chains and disorganized company processes.
Blockchain platforms are becoming more transformative to meet the pandemic. Here’s how.
Now, companies have no choice but to innovate
While some companies may retreat and remain safe during the pandemic, many do not have that luxury or recognise that this is the ideal time to innovate. As Jonathon Reichental points out, “If blockchain couldn’t solve problems, it would fail and go away, disappear — and that’s not happening.”
Blockchain’s primary purpose is to solve problems that revolve around data and transparency. Blockchain enables transparency in platforms that might otherwise lack it. For example, you could have an efficient data tracking platform, but you have no way of knowing the data is correct without blockchain.
Blockchain-backed platforms identify when data has been removed, changed or tampered with. Traditional platforms can record data, but they can’t verify its integrity – this is where blockchain excels.
How blockchain itself is changing
Blockchain itself is changing amidst the COVID-19 (coronavirus) pandemic. It’s becoming more agile, flexible and open to new opportunities. Companies are recognising the opportunities for blockchain in certain sectors, such as medical and tracking supplies. Blockchain technology has massive potential for supply chains, but now it has real-life use cases as supply chains become overwhelmed.
Previously, many of the problems blockchain sought to solve were ‘what ifs’ – now, they are reality. Blockhead Technologies is helping companies centralise and analyse their data with blockchain-backed platform STAMP. Click here to find out how.