The coronavirus epidemic has greatly impacted our day to day lives, prompting a mass transition to the online format. Blockchain technology could support this digital shift by providing much-needed security and efficiency.
The COVID-19 pandemic has changed our social habits as well as our workplace interactions. Almost all companies have migrated to host their business meetings completely online, and even judicial and regulatory systems have decided to use streaming apps and online chats.
Coronavirus has quickly made companies all over the world adopt remote work and appreciate its benefits. Prior to the outbreak, there was an uptick in remote work job offers, as companies started acknowledging that employees were happier and more productive with this type of schedule.
However, because of the urgent implementation of quarantine restrictions, companies were forced to adopt remote work strategies faster than they expected, probably years in advance. E-commerce giant Amazon has recently extended the remote work period for its employees for five additional months until October. Standardized testing is being developed for college and high school students in many countries to allow them to take their exams online this year.
This remote work boom is an unprecedented phenomenon, and most companies will continue to function by allowing employees to work from home.
But at the rate these adaptations have been made, there will be some expected challenges, as the world was not quite ready for this scale of online dependency. However, like the Spanish Flu 100 years ago, Coronavirus will also have an impact on emerging technologies.
Back in the 1920s, when the Spanish Flu epidemic started, only 35% of homes in the U.S. owned a telephone. As people were quarantined and forced to take social-distancing measures, the potential of the phone became evident. But the Spanish Flu also showcased the limitations of remote communication, as this technology was at the beginning.
Nowadays, your phones can be used to do everything, and we cannot imagine not having them in our daily lives. The same might also be true with blockchain.
Administrations and organizations have been forced to implement and use digital solutions to maintain their productivity, risking the exposure of sensitive data by conducting their meetings and operations online. But security for digital identity is not as strong, and there are few standards and protocols that can be used universally today for online identity confirmation.
COVID-19 is making us see the issues we have with data storage and identity systems that we need to improve. A solution for establishing more secure and trustworthy online communication channels and data storage systems would be blockchain or other decentralized technologies.
Many blockchain visionary developers and projects have created the tools and systems that a secure web would need. Blockchain adoption is happening at a rapid pace, and we already see this technology implemented in various industries: supply chain management, medical, charity, payment and financial, etc.
Cryptocurrencies are digital assets that are based on blockchain. In recent years, more and more crypto projects and services, such as exchanges, cards, brokers, have emerged to satisfy a growing demand from investors. Another industry that has benefited from blockchain and crypto is the online casino. A crypto casino, such as 1xBit, makes use of the security and speed of blockchain to bring gambling and betting online. 1xBit has a diverse library of games, with more than 5000 slot titles from over 100 game producers, dozens of other table games, lotteries, and sports betting options with high odds.
Transactions conducted through such cryptos are faster, cheaper, and more private. This is why the 1xBit platform is a fully anonymous casino and sportsbook, as it only supports the use of cryptocurrencies. Over 20 different cryptos can be used by players to execute quick deposits and withdrawals. Payouts are fast, and there are no transaction fees.
Registering is easy, and once you have created a new account on 1xBit, you will be able to claim a welcome bonus of up to 7 BTC.
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Disclaimer: The authors of this website may have invested in crypto currencies themselves. They are not financial advisors and only express their opinions. Anyone considering investing in crypto currencies should be well informed about these high-risk assets.
Trading with financial products, especially with CFDs involves a high level of risk and is therefore not suitable for security-conscious investors. CFDs are complex instruments and carry a high risk of losing money quickly through leverage. Be aware that most private Investors lose money, if they decide to trade CFDs. Any type of trading and speculation in financial products that can produce an unusually high return is also associated with increased risk to lose money. Note that past gains are no guarantee of positive results in the future.
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