Three Industries That Will Be Blockchain Innovators Post-Pandemic
Fabio Canesin, co-founder of blockchain fintech firm Nash, believes that as the world comes out of the COVID-19 pandemic, blockchain technology offers a “unique” opportunity to the public due to its “borderless” nature.
During an interview with Cointelegraph, Canesin states that he sees the “greatest” emerging use case in blockchain for three core industries in a post-pandemic era: government, nonprofit, and small-to-mid-size businesses.
Blockchain helping to distribute Coronavirus-related stimulus checks
For the government entities, Nash’s co-founder explained:
“This could mean using blockchain for stimulus checks instead of sending payments via traditional systems, which take much longer and are prone to errors. Along with using blockchain to speed up the process, the current system could (and should) begin allowing individual accounts directly on the network, without the need of intermediaries.”
For the nonprofit sector, Canesin says that donations could operate similarly to how stimulus payments should with blockchain. He further adds that giving directly to organizations is well known to be a “highly efficient way” to improve the outcome of donations, and "direct contribution to individual digital wallets could be disruptive for philanthropy."
Canesin also commented on what blockchain could mean to small and medium businesses:
“Blockchain means being able to hire overseas (given the technology is borderless and allows global payments), giving anyone access to the global economy, whether they’re a small or large company.”
Cryptos as a safe haven in time of crisis
Addressing the role of cryptos to help mitigate the effects of the crisis originated by the coronavirus pandemic, Nash’s co-founder said that an issue worth considering is the fact that cryptocurrencies provide a safe haven from mismanaged national currencies.
He put the example of the crisis that Lebanon is facing off nowadays, where the COVID-19 crisis has accelerated an “existing” banking crisis:
“People are facing withdrawal limits at ATMs and seeing their savings evaporate following spiralling inflation. Cryptocurrencies can protect against both these things. Not only do you control your assets, meaning you can never have withdrawals blocked, but most currencies have built-in protections against inflation, which are hard to change on account of their decentralized nature.”