Reminiscing about the pre-pandemic time period when, blockchain dwelled in the shadows of cryptocurrency. Those were the days when cryptocurrency was looked upon with apprehension and governments, were looking for ways to limit the spread and popularity of this financial innovation. This was the scenario in most nations. Then came 2020 and the COVID-19 pandemic - mindsets took a U-turn.
Governments scurried to secure medical equipment and supplies, hospital facilities proved grossly inadequate. Economic activity came to a standstill and people lost their livelihood. It became necessary to monitor and control medical facilities including, ambulance services, hospital beds, ICU facilities etc. Demand started to outstrip supply and tough choices had to be made.
Supply chains were needed on short notice, many of these involved the supply of products and services that implied life and death situations. Things were further complicated as, the systems needed to function across geographical boundaries. For example vital medications were needed to be shipped from India to the United States. South Korea required medications from Japan and Italy was desperately looking for respiratory ventilators. Resources including time were precious, robust and scalable technologies were absolutely essential. Blockchain had the capability to deliver, it just had to step out of the shadows.
Blockchain resources have developed to an advanced level, this also includes human expertise. No denying the fact that, much of this development related to blockchain has been due to the dynamics of the cryptocurrency industry. Blockchain technology was effectively deployed to handle, extremely challenging supply chain logistics during the pandemic. It was not just medical supplies and facilities that were managed using blockchain technology, data collection and research was another area where help of blockchain was sought. This process delivered the central system that, helped develop previously non existing medications and vaccines to tackle the deadly COVID-19 virus.
Moving on to how the pandemic encouraged authorities and global financial bodies including, the IMF (International Monetary Fund) to develop a mindset in favor of digital currency. Shutting down the economy and depriving citizens of their ability to work and earn a living, put an additional onus on governments. The need arose to distribute financial aid to people. Besides straining state financial resources, the process revealed the inherent weaknesses in the current monetary and banking systems. This was when the need for a digital currency was felt - something that brought about a change in the way that, governments had previously perceived cryptocurrency to be.
Nations realized that the way forward was to develop, legal frameworks that governed crypto activity. This discounted the earlier thought process that caused, all crypto activity to be viewed with suspicion. We now see a growing interest among nations to digitize their currencies. This has led to the concept of CBDC (Central Bank Digital Currency). While this is more like an 'official' crypto, the basic fundamentals are similar to those operating private crypto currencies. The general consensus seems to be that, CBDC and the private crypto industry could both coexist, each under clearly defined laws.
While the pandemic has brought a positive change in the way that, blockchain and cryptocurrency are viewed, the world rightly wishes to see an end to this grave health crisis. The good part is that, most of the gains made by blockchain and cryptocurrency during the pandemic, could be consolidated and developed even beyond the pandemic. It is now up to the crypto industry and governments to collectively, develop a secure and safe environment for crypto activity.
And as far as blockchain is concerned, there is no looking back. Besides supporting a robust and fast expanding crypto industry, the technology will continue to be sought after by public and private sectors across the globe. The applications and industries that could benefit, from the use of blockchain based applications are virtually unlimited!
GLITZKOIN: A quick recap of the Glitzkoin project and the GTN crypto token. The project was launched to improve the demand for natural diamonds and to enhance, the efficiency and productivity of the multibillion dollar industry.
The DiaEx diamond trading platform was developed using Stellar blockchain resources. The GTN token was launched as part of the project and is designated, as the mode of payment on DiaEx. Promoted by second generation diamond veteran Navneet Goenka, Glitzkoin assigned a multifaceted role to the GTN token.
The trading platform was completed in 2019 and was put through rigorous testing in early 2020. A team of diamond dealers subsequently did a pilot run on DiaEx with, actual transactions made on the platform. This process was largely successful and revealed a few areas for improvement. The Glitzkoin tech team was handling the minor adjustment when, the pandemic and subsequent lockdowns slowed down the process. The management will reschedule the full launch of DiaEx once the health crisis eases.
Talking about the multifaceted nature of the GTN token, the project is also focused on further increasing usage for the crypto – this aside from crypto exchange trade and the payment usage on the DiaEx platform. The concept is to have operators of various businesses, accept the GTN token as a mode of payment in their operations. Moving this idea forward Glitzkoin has confirmed a partnership with online ticketing giant Myticket.asia, wherein clients of the ticketing portal could use the GTN token as a mode of payment. Technical requirements for the integration of systems on both sides is at an advanced stage, nearing completion. Reviewing the challenges that the entertainment industry has been going through during the COVID pandemic, both managements have decided to set a launch schedule when the situation starts to normalize. The arrangement setup between Glitzkoin and Myticket.asia will form the blueprint, for similar deals to be negotiated with other business operators.
Related Resources: [Project Updates]