Blockchain may not be as famous as Bitcoin (BTC) and many of the cryptocurrencies that it works to power across an ever-evolving ecosystem, but the technology’s applications may be capable of stretching further than the coins it supports.
In the post-pandemic world, society is changing at a rapid rate, and so too is the concept of wealth. Where in traditional circles that hinge on fiat money, wealth can equate to cash, property and generational financial security, but cryptocurrency takes the notion of wealth and stretches it further.
While blockchain-powered cryptocurrency projects can also deliver wealth in a traditional sense, the technology opens the door to other forms of wealth, such as privacy, decentralization, and personal safety from third party and governmental intrusion.
In the right hands, blockchain brings new meaning to wealth to a society that has experienced changing values in the wake of the recent health crisis, and the technology will emerge as a disruptive force across a wide range of industries.
As a peer-to-peer distributed digital ledger of time-stamped transactions, the applications of blockchain are virtually limitless. As data shows, the technology can revolutionize lending, security, consumerism, business models and digital property. And this is just the tip of the iceberg of its wider capabilities.
The underlying ethos of blockchain-powered cryptocurrencies has been to decentralize power away from central banks through digital finance, making technology a driving force in the fight back against the centralized control of banks and governments.
In a post-pandemic society that’s becoming increasingly wary of the hegemony of global governments and leading institutions, blockchain may be the technology that’s best placed to adapt to these deep rooted cultural changes. Let’s take a look at the many ways blockchain can adapt to a rapidly changing world.
The Case for Security
Blockchain marketplaces are naturally more secure than their traditional counterparts. The nature of the public ledger is that the data within the blockchain is fully encrypted and protected, meaning that no single party has the power to manipulate the information within, making the technology ideal for startups to leverage.
We’re already seeing this being applied in the world of gaming and NFTs. Where there had been no truly safe spaces for gamers to trade and conduct transactions on their collectibles, users have been forced to place their trust in shady forums acting as makeshift marketplaces to facilitate demand - opening themselves up to cyber attacks and scammers.
As data shows, cryptocurrency and gamers are a natural combination, with many significantly higher volumes of users trading cryptocurrencies than non-gamers.
To help cement the symbiotic relationship between gaming and crypto, blockchain startups like Gameflip have launched their own coin. Gameflips' FLIP is a token tailor-made for scaling the peer-level buying, selling and trading of goods for video games.
The goal of these marketplaces is to offer a genuinely safe space for gamers to conduct transactions in confidence, all generated through immutable blockchain technology.
However, there are many more scenarios where blockchains can be used to provide greater security at a time where privacy is so scarce.
eCash, pioneered by Bitcoin’s ‘fallen angel’ and one of the ecosystem’s biggest innovators, Amaury Sechet, who diverged from the world’s most famous cryptocurrency to create Bitcoin ABC with the ambition of making the coin far more practical than its predecessor, has been designed with privacy and security as a priority.
Created using the revolutionary Avalanche blockchain, eCash is built on a consensus algorithm that enables instant transactions, fork-free upgrades and enhanced security. Tapping into the societal concerns about privacy and mistrust of centralized powers, eCash’s blockchain focuses on bringing a technically sound, politically decentralized governance protocol to the crypto ecosystem as a means of championing the privacy of its adopters - all through an adaptive blockchain.
Supporting a Health-Conscious Culture
The Covid-19 pandemic has brought interest in healthcare back to the fore in both the developed and developing world alike.
The key issue with healthcare systems around the world is that there’s a lot of legacy technology at work when it comes to storing medical records and the transferring of medical data from one specialist to another.
This means that keeping a full medical record can be tough for patients as their history could span many years of different practitioners trying different treatment approaches and using different medicines along the way. In short, there can be a significant breakdown in essential collaboration and communication when it comes to maintaining the health of patients.
Blockchain can help to completely change how healthcare is managed by enabling decentralized record holding with data becoming accessible as and when required.
This technology can also help to enable health practitioners in learning about patient cases more comprehensively and swiftly - ensuring that they can be treated faster with less waiting time in between gathering and interpreting the information.
Furthermore, blockchain can also combat the circulation of fraudulent drugs and treatments, due to its immutable qualities.
In a world that’s evolved to covet privacy and authenticity due to being burdened by an outdated and insecure financial ecosystem, blockchain stands as a leading solution for changing the world in line with societal awareness.
As we move away from the age of the pandemic and towards the era of the ‘new normal,’ it’s likely that blockchains will be front and center of the progress we make in addressing these new societal concerns and redefining the true meaning of wealth in the brave new world of digital finance.