Friday 11 September 2020

Push Towards Blockchain

The most exciting industry to be in now is probably technology related. Within it, the domain of cryptocurrency is the most intriguing. It's been 12 years since the first creation of Bitcoin and my guess is the majority of the world is still rather clueless about this technology and its potential advancement.

The Covid situation has taught the world some useful lessons. Medical demands were well beyond planned capacities, people couldn't get out of the house and business supply chains were severely disrupted. The simple message is, "We live in an imperfect world." And this is where I believe blockchain could help resolve some of the issues. Even as the infection numbers continue to rise, researchers are racing against time and desperation grows. Among these, disinformation is a great problem. Whatever numbers we hear in news are controlled. Be it death tolls, vaccine trial successes, job losses, funds expended to sustain businesses etc. I think faith in the government systems and trust in leaders are at a deficit. It's got to do with this huge unknown that the virus brought.

But life must go on and through every disaster, humans ultimately find a way to get up. In this instance, blockchain has a role to play. What it potentially brings to the table are borderless transactions, cashless payments, verifiable information, lower fees and much more. All these seek to improve transaction efficiency, bridge information gap and bring trust back to people to the world we live in. A cryptocurrency is just a product out of this brand new ecosystem. During this evolution, pain would be felt by those who continue to resist as they are forced into a new life/work environment. That's what a single virus could do.

Tip: Ippin Junmai Daiginjo

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