The world is in chaos. Traditional Markets are falling drastically as many fear that another global economic crisis is underway. Global events are canceled or replaced by remote events and COVID-19 is the cause. As every news cycle approaches, everyone looks to the headlines to see the number of infected persons and the number of those who have died due to the Coronavirus.
In Southeast Asia, Schools and other public institutions are closed, Gaps in the global economy emerge. The world it seems is coming to a standstill. Yet, there may be a way out of this, one that we still can recover and usher in what may become humanity’s most glorious decade.
The new world of cryptocurrencies offers several advantages during this period, as the World Health Organization warns that Banknotes may be spreading the deadly virus, the era of trust is fast eroding. Capital markets are built on this concept. It’s time we moved from trust to a trustless system. The power of blockchain technology and other decentralized ledger technologies is that the trust is not in the people but in the processes to function.
As such, Cryptocurrencies like Bitcoin, Ethereum, and XRP offer the haven that we all see at play. The math is what people trust.
Digital currencies are driven by this and also by pure market demand.
Cryptocurrencies are also not tied to the financial web that has created the current world order. It’s time for humanity to redefine itself around a system that works regardless of situations such as COVID-19.
Blockchain technology offers the world a way out of the COVID-19 chaos. Legacy systems are expensive to maintain.
They require all sorts of human interventions at almost every level. We have had a great run with them. Legacy IT systems aren’t what we thought they could be.
We could take a step forward, try something new and take this decade by storm.