How Blockchain And Iot Are Solving The Economic Downturn Amid Coronavirus?

Welcome to the “NEXT NORMAL”—the new reality emerging from the ongoing COVID-19 pandemic is all DIGITAL.

As our world is grappling with the impacts of the COVID-19 pandemic, many disruptive technology trends have accelerated. The potential of emerging tech trends can be counted as one of the most prominent spaces for the businesses’ future strategy. And this has been further verified by 61% of CEOs stated they are placing digital transformation as one of the top three priorities, in order to build from COVID-19.

It has been reported, solely Blockchain technologies can boost the global economy US$1.76 trillion by 2030 via raising levels of tracking, tracing, and trust!

 On the other hand, Gartner has stated by 2023, one-third of mid-to-large-sized companies would implement IoT!

What these stats indicate to you??

A pragmatic approach taken here can help policymakers develop more targeted COVID recovery policies saving governments money and helping communities return to business as usual. Further, saving your business from the brunt of the economic slump.

Here, in this post, we’re going to discuss the potential of Blockchain and IoT to resolve the economic stress built during the pandemic.

Blockchain and IoT rebuilding the future

In the wake of the COVID-19 pandemic, we all witnessed how technology accelerated at a breakneck pace and impacted the biggest digital transformation trends, we ever noticed.

When it comes to discussing the number of opportunities created by these two technologies, then this post would seem less. To be précised, the supply chains across the globe were impacted hugely by the virus. But here, Blockchain came forward to fix the damaged funnel of supply chains, and it processed and verified transactions faster.

In contrast, IoT has created a new pool of new opportunities by offering a competitive advantage for businesses in current and new markets. And surprisingly, its platform has not just changed the devices connected with it but has given an option to start an action without human intervention at many levels.

Blockchain technologies that enable individuals to share their personal information securely with public health agencies without revealing their identity or contributing that information to a centralized government or corporate database may help identify people who come into contact with a patient who has tested positive for COVID-19.

As the Internet of Things, applications are by definition distributed, it’s just ordinary that the distributed ledger technology, which blockchain is, will play a key role in how devices will communicate directly between each other (keeping a ledger and in this manner trail of gadgets as well as how they collaborate and, possibly, in which state they are and how they are handled’ in the case of labeled goods).

Complement financial transaction

Since Blockchain has been called as the definite solution for carrying out the transaction and interaction. By incorporating smart contracts, it elevates the presence of the Internet of Things as well. Blockchain holds the potential to improve compliance in the IoT features while making them cost-efficient. On the other hand, IoT gels with Blockchain, and drives transparency in the supply chain, supports self-executed payments, and improves the cybersecurity of connected devices.

This helps people using IoT enabled connected devices to build trust by taking into consideration the distributed ledger technology.

The post-covid world will face the DIGITAL recovery!

Smart message exchange

Message or information exchange within the businesses is a very obvious term, that can create hassle if not handled appropriately. During the virus outbreak, when human intervention has gone minimalistic possible, these two technologies are driving the future. With the Blockchain, you get the opportunity to share a piece of information with a secured and reliable platform. Blockchain makes it easy to share any transaction/information, real-time, between relevant parties present as nodes in the chain in a secure and immutable fashion.

Further, the inclusion of IoT devices would use smart contracts, which can help in understanding between the two gatherings. This is where IoT brings the additional flavor and collects data from the sensors/nodes, and keeps stored in the cloud, and it is further secured with blockchain technology.

Our takeaway

Let’s accept the fact that the COVID-19 crisis has forced your customers, employees, and business of course into new digital channels, now is the time to ask yourself which digital actions must be considered to boldly advance your digital agenda.

The lockdown would lift sooner (keeping fingers crossed) and we all shall step back into our normal routine, but with a slight change. This change would massively be driven by digital presence. However, in the post-pandemic world, something that will create the jitters most would be to cut cost, increase efficiency, and reduce dependence on humans, to evade future exigencies. Here, to address the need IoT and Blockchain would come into the picture, helping your business to create better opportunities and reinvent your business model at its core.

Final thoughts

This will indeed call for the massive adoption of emerging technologies like Blockchain and IoT. Hence, if you are yet to explore technology within your business space, then share your idea with us, and our skilled technocrats will help you create an app solution with emerging technologies.

Call us today to give a digital curve to your business, to help it not just survive but thrive during and after the pandemic.