Coronavirus and tokenization
& why it helps highlight how it can change our lives
We live in a world that had been become ever more digital and globalized, despite the best efforts of from cyber and terrorists’ attacks and the contoured ‘sabre rattling’ from the world’s superpowers. However, in less than three months a virus has managed to, in effect, confine 3.9 billion people (i.e. nearly 50 % of the worlds’ population) behind the front doors of their homes. In a desperate attempt to slow the spread of covid-19, governments have asked their citizens only to travel only work if totally necessary, and to stay at home while their healthcare systems struggle to keep up with caring for the sick and, in many, cases the dying. As economies across the globe swiftly move into decline, the United Nations is predicting that the economic outlook could be the worst since the Great Depression in 1930 as 75% of work places around the world are closed.
The action that governments have taken has been bold and generous, to say the least, as detailed by the IMF. It has kept track of what different countries have done to help their citizens face a loss of income in an effort to minimize the severity of what looks like an impending global recession. While the intentions of those countries that can afford the hand outs and largess of printing money are laudable (as they try to reduce financial hardship today), what problems are they storing up for tomorrow? As we are shaken out of compliancy and are required to adapt to these desperate times, what lessons can we learn and how can we use Blockchain technology to improve our lives and business practices?
Here are just a few suggestions:
There has been considerable speculation and ‘hype’ about Blockchain technology and the potential it offers. As someone who has been studying who, how and why this technology is being implemented and writing weekly on its subject for over two years, for me the reoccurring word that stands out and is often cited as the most powerful reason for Blockchain’s adoption is TRUST. In a world where ‘fake news’, social media gossip and unverified chatter are the norm, there is not just a desire but a genuine need (one could argue) to restore TRUST in society, governments and many aspects of our day to day lives. Possibly, by being forced to spend time quarantined in their homes, it will give those people who work for organisations and companies the time to reflect on priorities and business plans? As our thoughts begin to focus on life post covid-19, it will be interesting to see to what extent we will return to ‘business as normal’ and to what extent Blockchain technology will be more fully embraced!
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