It’s been more than three months since the COVID-19 started spreading from Wuhan city in China in the whole world today. There are around more than 18 lakhs cases reported in the whole world. At present, there are more than 4 lakh cases in the US alone. COVID-19 has spread like anything in the whole world today. Every other country is shut down and is under lockdown. Due to lockdown, every other company is suffering from daily loss. Also, different companies are trying their level best by coming with innovative ideas and crypto startup and other different ideas to tackle the pandemic using blockchain and decentralization.
Moreover, ideas are coming from everywhere to tackle the situation whether it is from analytics companies for prediction or reporting. These ideas are much appreciated. People are working hard to share their beliefs using technology like Artificial Intelligence and Machine Learning. But there’s a need to check about what all ideas are practical and possible to implement. They should not be used for marketing strategies.
Data is considered to be a very important part while making a prediction and studying something. Data is the key role used for making predictions these days which helps you to generate insights. For a Data scientist, data is considered to be everything. The more the amount of data, the better is the predictions made from it. China is considered to be well advance in using technology’s but the data shared by china of patients and disease was inaccurate. It consisted of false information. Many leaders have shared their disappointment with china. This is the reason why blockchain technology will be bad because of the wrong input of the data which would result in the wrong output.
What All Can Be Done to Overcome the Pandemic Crisis and the Coming Recession?
No one can deny this fact that the year will change the usage of different technology which is a great turning point and also creativity. Nothing will be the same again. People are losing jobs constantly across the globe due to the great impact in the IT industry. When we will start the economy again nothing will be like a similar situation like the previous one. We will see the increased use cases of Artificial Intelligence and Machine Learning along with tech like IoT & Blockchain to develop systematic services and other different applications.
Previously discussed why blockchain cannot be considered as one of the solutions due to inaccurate data and there is no need to make it inflexible. But the technology presents several other applications in the banking sector like loans, payments, and supply chains, etc. Targeting the payment service can turn out to be an important factor in terms of success. The US-made sure that freelancers and people working from home workers are paid in time by digitalizing which is not a new thing for the country. This would result in complementing the insurance and fund distribution.
Countries like Japan and Sweden are well advanced digital currencies. Different banks have come out with a piece of information that focusses on the future of payments and cash by noting down the fact a person can even get corona transmitted through cash. People are focusing on how to reduce the flow of cash and switch to the digital currency where blockchain is the game-changer. These points can be questionable but banks constantly are trying to make people believe in cash and are requesting contactless payment methods. It is proved that how digital currency can help in this pandemic situation and the use blockchain with these sorts of applications can be the game-changer.