The uncertainties surrounding the evolution of the coronavirus and its impact on the global economy are gripping. The world was not ready for a global pandemic, just as it wasn’t during the Spanish flu of 1918-1920 or other similar global plagues in history.
What is different this time is the fact our world has never been more technologically connected, with people able to work remotely, buy online, see a doctor through video conferencing, and purchase digital currencies unencumbered by the limitations of fiat currencies. Indeed, well before COVID-19 arrived on the scene, digital assets have become a slowly maturing niche.
The last decade has seen a new kind of currency evolve, with the Bitcoin cryptocurrency has emerged at the right time to save the world with a new definition of speed, transparency, and reliability, thanks to Bitcoin’s twin revolution of the blockchain.
Blockchain in Payment Industry
I believe that blockchain technology can be used in the payments industry for the following reasons.
- We’re shifting to a more digital world, where paying with cash is not an option, and the current credit card system is outdated. The adoption of cryptocurrency was already beginning when the pandemic began, as merchants of all sizes and industries have begun accepting cryptocurrency payments, and the technology has come a long way in a short amount of time.
Additionally, many traditional financial institutions and large corporations were starting to license blockchain technology, patent their own bespoke blockchain technologies and adapt the array of benefits that blockchain and cryptocurrencies have to offer.
- Crypto payments offer a way to reduce the number of germs spread from dirty credit cards and cash.
- Blockchain payments are a game changer because it allows the 1.7 billion people who do not have access to a bank account to shop online.