Interesting Times

Interesting Times

The whole world has been affected by the recent events surrounding the Covid-19 pandemic. The costs are being paid with the huge and tragic loss of life around the planet, as well as the destruction of financial and economic activity and value worldwide.

As governments and their associated health departments grapple to bring the pandemic under control it is becoming apparent that as commerce repairs itself it will not be as it was before. The recent surge in remote working has shown those that have previously resisted it that it does work and that it actually provides opportunities for significant cost reductions as well as productivity increases. Companies and organisations that have previously resisted remote working have found themselves behind the curve in comparison to more tech savvy competitors.

Another facet of life today has been the oceanic shift away from cash based transactions. Online payments have surged as have tap/show and go payments. The crash of economic activity and the resulting fiscal reaction have seen interest rates drop to around zero, and the value of the majority of equity investments significantly reduce, some of them to zero also.

Both the human and economic downsides of the Covid-19 pandemic are writ large for all to see. What are not so obvious however are the upsides that will become more evident as humankind overcomes the pandemic brickbat as it surely will.

Businesses around the world that have relied on out of date tech have been found to be swimming naked when the sea they were swimming in ebbed and changed. To compete these companies will be compelled to update their technology suites to fully engage in business today. These updates will include technology built around Blockchain, AI, Machine Learning, and the Internet of Things.

Another sea change will see the diminution of fiat currencies and cash transactions, this change whilst initially driven by the public will be encouraged by governments that have already initiated cryptocurrencies of their own (these include Sweden, Japan, and France…). Deutsche Bank in a 2019 report stated they believed this would occur by the end of the current decade - current events have only made this transition more likely. A move to cryptocurrencies however will not be possible without the underpinning provided by Blockchain technology.

Blockchain technology sits poised to provide the world with the online security and transparency it will need as it enters this new phase. The biggest hurdle to be overcome is the current worldwide lack of blockchain developers. Chainlify, already having recognised this, is now in the latter stages of developing a platform and associated toolbox which will allow all developers to quickly and economically transition to blockchain development. The Chainlify platform will look to engage with and enable the world’s 25million software developers to shift into blockchain, and we note that this is in line with the official policy of the China government which is urging all Chinese developers to do the same.

As the world starts to spin again and business begins the process of rebuilding itself it will be a new Phoenix that rises from the ashes.

By Glyn Craig on 16 April, 2020

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