The COVID-19 pandemic has impacted virtually all businesses, but the effect has not been uniform (watch our webcast on the impact of COVID-19 on the European technology market). While the current disruption may present challenges to the blockchain industry in the short term, it will also unlock new opportunities in the mid and longer-term. By providing help in the COVID-19 crisis and recovery, blockchain can play a pivotal role in accelerating post-crisis digital transformation initiatives and solving those problems highlighted in the current system.
One of the sectors of the economy where blockchain use can be crucial is supply chain management.
The COVID-19 crisis has caused major disruptions across global supply chains. Two factors in tandem play a very pernicious role: many factories have shut down due to safety concerns and there is unprecedented demand for certain goods, especially medical supplies. This high demand forces many users to source supplies without knowing their origin or quality. Long supply chains cause needless opacity and this makes it difficult to forecast and plan supply accordingly. Blockchain is particularly suited to supply chains because it can connect all stakeholders in a supply chain and provide a single source of truth. It provides transparency and breaks down data silos while guaranteeing security. This is why many of the blockchain solutions deployed in the wake of the COVID-19 pandemic are in supply chain management.
Blockchain solution provider TYMLEZ volunteered its services to the Dutch government and will deploy a blockchain-based solution that matches supply and demand in the medical products ecosystem.
The mobile and online payment platform Alipay has created a blockchain-based solution that helps charitable organizations collaborate more efficiently and transparently. One of the features is to track donations of relief supplies and help allocate them more efficiently.
Lider Token offers a number of turnkey and custom solutions based on blockchain technology. Contact us and we will help you determine exactly which aspects of your business can be optimized through the use of advanced blockchain solutions.