COVID-19 has shown has a mirror. It has proved that life can be taken away from us in the blink of the eye. Doctor, nurses, and other front-line workers are important to save many lives. This pandemic has proved that if we unite as a nation, our people can live a normal life even in these uncertain times.
More than anything, the economy of every country is at risk. Stock markets are performing poorly, companies are shutting down, and employees are getting laid off. With revenues going to zero, it has become hard for every business to survive.
Although government authorities are stepping forward to save the economy by providing tax relief and distributing food for the poor. These steps are essential to prevent a complete collapse of the economy.
During the current situation where the world is suffering the consequences of pandemic spread, it has become essential to have economic facilities. Before the COVID-19 people used to rely on paper for major communication and recording. But now things have changed.
It is completely difficult to recover from the side effects of this pandemic even in the coming years. But we can take innovative steps to prevent the further spread of this virus. For example, the complete digitalization of otherwise analogues aspects can prevent touching every other thing.
Digital payment has become the current normal. Because it doesn’t require to touch pin pads or cash. Many individuals and businesses were surviving without a digital mode of payment. But now they have realized the benefit of using digital payment methods. Blockchain and Fintech services can be utilized to avail of advanced solutions in many sectors.
Another factor worth mentioning here is remote working. Major players in the business sectors have decided to stay remote to some extent. It saves time and money because of least commuting and also increases productivity. It can be beneficial for those employees but at the same time, also has some disadvantages.
Digitization was already getting a lot of hype but this pandemic has sped up the things. When multiple industries have adopted digital technologies, it can have a major effect. Digital mode of services is not only quick and effective but it is also secure and instant. Blockchain technology, for instance, is the perfect example of such technology.
Adopting technology in any industry can facilitate transparency, affordability, and efficiency. Healthcare is a perfect example of a business that requires all these features. Having paper-based records of patients is not feasible in the current situation. Many hospitals and clinics are stuck in the same scenario for many years.
Whenever they have to access the record to check the data of a patient, they rely on cabinets stacked with numerous files and papers. It is not safe to do so in this situation. Being the most secure technology, Blockchain can provide a solution to this situation.
Blockchain technology can revolutionize the healthcare industry. It can save a lot of money in terms of highlighting malicious practices in the healthcare market. According to a report, Blockchain can save $100 billion in the healthcare industry.
It prevents errors that are often the result of human-made mistakes. A research was conducted in the United States confirmed that 250,000 people die due to medical mistakes in the country every year. Because of the permanent storage of Blockchain data, it is impossible to delete it ever. Thus, it can save many lives.
It also eliminates any chance of confidential breaches. Believe it or not, Blockchain also improves the research process in the medical field. It provides a single place where entire medical research data can be saved and whatnot.
It is clear that COVID-19 has devastated many countries in terms of economy and other factors, but it has also brought some changes. Businesses and individuals are adopting evolving methods that are beneficial to them. Everyone is walking their path to bring a change in their business and life.
Governments, on the other hands, are making changes that will support its citizens. In short, many things have changed in this dire situation that would not have been taken otherwise. It has revealed some holes in the system and how much outdated it was before it all began.