- WHO utilizes Blockchain to fight covid-19.
- UAE adopts blockchain for identity verification and distribution amidst covid-19 pandemic.
- Madrid based team builds Iota-Based Decentralized Information Platform to Combat COVID-19.
In developed Countries of the World, people staying at home due to covid-19 will get social benefits but in most developing Countries in Africa such benefits or palliatives are not introduced by the government. Staying at home for those in the working force means you won’t get paid, so most especially you’ll need a secondary source of income to survive since there will still be bills to pay.
Now is a time to research on viable and legitimate ways to make money on the internet from home. Cryptocurrency and blockchain technology offers us a legitimate opportunity to not only invest and earn from home but also provides a number of ways to go about our normal day to day activities while at home like sending and receiving money, trading, investing, shopping, etc.
Recently the World Health Organization said coronavirus can be transmitted through contaminated paper money. But through the use of digital payment platforms and digital forms of money like credit cards, debit cards and cryptocurrency we can completely eliminate the risk of being infected with covid-19 through contaminated paper money.
Opportunities in Cryptocurrency and Blockchain Technology during COVID-19 Pandemic:
Savings and Investments
These are trying times and trying times call for strict measures in order to survive. One important area for people in developing countries that the covid-19 pandemic has affected their source of income is the area of finance. You have to plan out your finances and budget well due to our governments over here not providing palliatives to ease the cushion effects of the pandemic.
Cryptocurrency and Blockchain comes to the rescue here. Looking at how currencies, stocks and commodities have performed since the breakout of the pandemic you would realize we all need a safe heaven to at least hedge our funds and investments to avoid deflation and further liquidity. Stablecoins are a viable option at this time of high volatility with us not really knowing where the markets are headed due to widespread fear, uncertainty and doubts, you would call this FUD in Crypto.
While you are home you can simply look up cryptocurrencies at either coinmarketcap.com or coingecko. Look at their charts how they’ve performed, check for one that has strong fundamentals and might have as well set a bottom price and invest in it. Crypto has been my rescue at these times I have been actively trading a couple of cryptocurrencies like Curio, LCX, Eterbase coin, NairaX, etc. I am not advising you to invest in any of these tokens but I am only using them as an example.
Lets note the following :
- Times like this, it would be of great help to convert your current savings to cryptocurrency and hold them in stablecoins. In cryptocurrency we call this process tethering, that is simply moving your funds to stablecoins to give them a stable value against liquidating your holdings or savings.
- In the area of investing it would be of great importance to invest in cryptocurrency at this point. A majority of solid cryptocurrency projects are at their bottom prices or close to their bottom prices, so moving in some FIAT to invest at these levels will do you good in the long run.
Trading
While you are at home you can look up courses on the internet to learn cryptocurrency trading. These will help you on a day to day basis.
Imagine living in a third world country and on a daily basis you earn a minimum of $5 from trading, that means in a month you might have as well made over $150.
Cryptocurrency trading is a very important skill to learn right now as a crypto enthusiast. We don’t know how long it will take to find a vaccine for covid-19, it’s best you utilize this time at home and learn cryptocurrency trading.
Cryptocurrency trading is not difficult, it’s simply buying low to sell high. In simple terms study the chart find your entry point and exit point and repeat this process. Although there are a lot of technicalities involved in crypto trading but sincerely speaking you only need the basics as I provided in this article. You can search the internet for more advanced tutorials, lessons, signals and e-books.
Using the Blockchain Technology
Both in the developed and developing Countries the Blockchain Technology offers a variety of services that are needed now during this isolation and total lock down period.
Services like:
Sending/Receiving Money
Due to the lockdown, you can leverage on cryptocurrency and blockchain technology to send and receive money. Using Blockchain to send and receive money is cheaper, faster, reliable and eliminates the risk of getting infected with covid-19 through contaminated paper money and bank halls.
Cross border payments and remittances are easier, faster and cheaper utilizing blockchain technology. Your relative in the UK can easily send money to you in Nigeria using cryptocurrency.
Paying for Goods and Services
Online and internet based businesses have received a boost during the current lock down period due to covid-19. Majority of businesses are now moving online. Pharmaceutical companies, pharmacies, departmental-stores, eateries, boutiques, small scale businesses are all moving online due to the full or partial closure of their physical business establishments. With this comes a shift to alternative means of payments like credit cards, debit cards and cryptocurrencies that does not involve using paper money.
Cryptocurrency and blockchain technology play a vital role here. We can see the current introduction of the Binance card, which you can use to shop on any online platform in the world.
In Africa we have blockchain based projects that provide us the opportunity to pay for goods and services using cryptocurrency and blockchain technology. African based blockchain projects like First Kudi, Bitfxt, Luno, etc.
In Nigeria, the Central Bank has encouraged Nigerians to use alternative means of payments amid covid-19. The Kenyan President, Uhuru Kenyatta also advised Kenyans to use digital forms of payments to avoid transmission of covid-19 through contaminated bank notes.
Further Utilization of Blockchain Amidst Covid-19 Pandemic
UAE adopts Blockchain for Identity Verification
United Arab Emirates (UAE)’s Ministry of Community Development (MOCD) is adopting Distributed Ledger Technology (DLT) based solutions for identity verification and official documents distribution allowing its customers to securely engage with the Ministry from home during the covid-19 pandemic.
for more information
World Health Organization Launches Blockchain Platform to Fight COVID-19
MiPasa is a global-scale control and communication system that enables a swift and more precise early detection of COVID-19 carriers and infection hotspots through seamless and fully private information sharing between individuals, state authorities and health institutions such as hospitals and HMOs, utilizing advanced technological tools and a dedicated user app.
China Adopts Blockchain in its Fight Against Covid-19
China has used blockchain in different applications to assist in its fight against covid-19, using Distributed Ledger Technology to track the spread of the virus, medical records and the distribution of medical supplies and charity donations.
A Chinese Journalist also used Ethereum to bypass censorship during this covid-19 pandemic to publish an interview with a Wuhan based doctor on the pandemic.
Madrid Team Builds Iota-Based Decentralized Information Platform to Combat COVID-19
Aid Squad is a non-profit project developed by GeoDB with the intention of contributing to society in the fight against the spread of epidemics and pandemics, offering a tool in which citizens can share their symptoms anonymously and express their support for solidarity causes.
for more information visit
Binance Charity Launches Blockchain-powered Fundraising To Tackle COVID-19
Binance Charity Foundation (BCF), the philanthropic arm of cryptocurrency exchange Binance, initiated a new fundraising project to help tackle the coronavirus (COVID-19) pandemic globally. The project is looking to raise $5 million in cryptocurrencies.
The foundation will make the initial upfront donation of $1 million in its native stablecoin Binance USD (BUSD), and set up a wallet for public donation. It will also match $1 million of public donations received. Additionally, it commits to donate up to $2 million through the #CryptoAgainstCOVID social media campaign.
Inflation
With the Trump administration signing of the stimulus package for Americans. This means over $2.2 Trillion will be printed by the Feds which makes us realize the US Dollar doesn’t have a finite supply but Cryptocurrency like bitcoin has a finite supply of 21 Million. Bitcoin was created to curb inflation with the bitcoin protocols in place which states
- There can only be 21 million bitcoin ever in existence
- At every 210,000 block bitcoin emission will be halved. That means at every 210,000 block found the amount of Bitcoin emitted will be divided by two.
for a more detailed explanation of Bitcoin Halving please click here
With these two protocols/laws in place bitcoin is a well designed currency to curb inflation compared to the US Dollar.
What happens if the covid-19 pandemic persist, will the Feds continue printing more US Dollars? If this happens it will lead to a devaluation of the US Dollar and as we all know the American economy is the biggest economy in the World today. A weak US Dollar spells doom for the whole World. This is the time to embrace Cryptocurrency and Blockchain Technology as a more suitable and viable option to curb inflation.
I would strongly suggest the use of blockchain for the distribution of all or part of the stimulus package of the United States of America.
I just signed the CARES Act, the single biggest economic relief package in American History – twice as large as any relief bill ever enacted. At $2.2 Trillion Dollars, this bill will deliver urgently-needed relief for our nation’s families, workers, and businesses. #CARESAct🇺🇸 https://t.co/0WnTNFZPZD
— Donald J. Trump (@realDonaldTrump) March 27, 2020
Conclusion
In summary, covid-19 pandemic offers a litmus test for the blockchain technology. Everything you have ever believed, heard or known about blockchain will be put into test and judged at how it performed during the covid-19 pandemic.
Do you think blockchain will provide a viable solution to these problems?
Lets hear your opinions, contributions and suggestions…
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