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Covid-19 Messed up the Global market? How can Blockchain help?

covid-19-messed-up-the-global-market-how-can-blockchain-help

Covid-19 has stunted the global market within a few months after its breakout. Although the researchers anticipated this situation, we have taken hardly any effort to address the issue. The most important part of the global economy is the trade, be it through air, water or roadways. The whole system of the supply chain is messed up now and the talks about the ‘New Normal’ is going around. But how do we battle such a crisis, where not just one sector is affected but the world economy at large?

The answer blockchain is not an overstatement but could be a great alternate to tonnes of paper works involved in each sect. Employees of a blockchain development company are working from home just like other workers. However, the governments have given out a word that there’s a possibility of allowing important industries to reopen and function with 50% of the employees per se.

If you wonder how blockchain could possibly help us handle the crisis, Smart Contract which is built entirely on Blockchain technology can be used to record the information on the supply chain. As mentioned earlier, trade and supply chain are the veins of the economy. The reason why many companies deny to adopt blockchain technology is that they don’t want to reveal all the information to their customers or any third parties.

Probably, they haven’t learned about the technology completely; smart contracts have provisions for restrictions to access various information. Using the private or public keys, the blockchain owner has the complete authority to decide who can access what, informing the customers with abstract and relevant details rather than bombarding with unessential ones.

The best blockchain development company is the one that helps in resolving the crisis by using relevant technology. Perhaps, the exchange of currencies is also a matter of risk these days, due to the Novel Coronavirus. Online payments have increased and the banks have gone bananas, with increased transactions, unable to handle the traffic. Blockchain can help the financial sector as well by avoiding the need for third parties.

To learn more about blockchain technology and to get an insight into how technology could disrupt your business, get in touch with BSEtec, a recognized blockchain technology company in India.

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