Reminiscing about the pre-pandemic time period when, blockchain dwelled in the shadows of cryptocurrency. Those were the days when cryptocurrency was looked upon with apprehension and governments, were looking for ways to limit the spread and popularity of this financial innovation. This was the scenario in most nations. Then came 2020 and the COVID-19 pandemic - mindsets took a U-turn.
Governments scurried to secure medical equipment and supplies, hospital facilities proved grossly inadequate. Economic activity came to a standstill and people lost their livelihood. It became necessary to monitor and control medical facilities including, ambulance services, hospital beds, ICU facilities etc. Demand started to outstrip supply and tough choices had to be made.
Supply chains were needed on short notice, many of these involved the supply of products and services that implied life and death situations. Things were further complicated as, the systems needed to function across geographical boundaries. For example vital medications were needed to be shipped from India to the United States. South Korea required medications from Japan and Italy was desperately looking for respiratory ventilators. Resources including time were precious, robust and scalable technologies were absolutely essential. Blockchain had the capability to deliver, it just had to step out of the shadows.
Blockchain resources have developed to an advanced level, this also includes human expertise. No denying the fact that, much of this development related to blockchain has been due to the dynamics of the cryptocurrency industry. Blockchain technology was effectively deployed to handle, extremely challenging supply chain logistics during the pandemic. It was not just medical supplies and facilities that were managed using blockchain technology, data collection and research was another area where help of blockchain was sought. This process delivered the central system that, helped develop previously non existing medications and vaccines to tackle the deadly COVID-19 virus.
Moving on to how the pandemic encouraged authorities and global financial bodies including, the IMF (International Monetary Fund) to develop a mindset in favor of digital currency. Shutting down the economy and depriving citizens of their ability to work and earn a living, put an additional onus on governments. The need arose to distribute financial aid to people. Besides straining state financial resources, the process revealed the inherent weaknesses in the current monetary and banking systems. This was when the need for a digital currency was felt - something that brought about a change in the way that, governments had previously perceived cryptocurrency to be.
Nations realized that the way forward was to develop, legal frameworks that governed crypto activity. This discounted the earlier thought process that caused, all crypto activity to be viewed with suspicion. We now see a growing interest among nations to digitize their currencies. This has led to the concept of CBDC (Central Bank Digital Currency). While this is more like an 'official' crypto, the basic fundamentals are similar to those operating private crypto currencies. The general consensus seems to be that, CBDC and the private crypto industry could both coexist, each under clearly defined laws.
While the pandemic has brought a positive change in the way that, blockchain and cryptocurrency are viewed, the world rightly wishes to see an end to this grave health crisis. The good part is that, most of the gains made by blockchain and cryptocurrency during the pandemic, could be consolidated and developed even beyond the pandemic. It is now up to the crypto industry and governments to collectively, develop a secure and safe environment for crypto activity.
And as far as blockchain is concerned, there is no looking back. Besides supporting a robust and fast expanding crypto industry, the technology will continue to be sought after by public and private sectors across the globe. The applications and industries that could benefit, from the use of blockchain based applications are virtually unlimited!
Attraction of SOCTF (aka Stock of Ceres Trust Fund) Electronic Stocks
SOCTF is considered by experts to be a jewel in the financial industry in 2021, because it is not only supported by the Ceres Global group with more than 50 years in the jewelry and gem business, but it is also supported by Blockchain believers.
It can be said that this move of the Ceres Trust Fund is a very bold step, and also a step that promises to bring extremely positive results to the financial market in early 2021.
To be exact, with this strategic move, the Ceres Investment Trust is giving investors an opportunity to bring diamond value.
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