The last time we faced a major systemic crisis was in 2008. Ironically, the technology that is showing itself to be an effective solution and in some cases, the only solution to many of the challenges being created by the current Covid-19 crisis was also a product of 2008.
That event was known as the Subprime mortgage crisis and kicked off what we now refer to as The Great Recession.
On October 31 2008, a link to a paper authored by Satoshi Nakamoto titled Bitcoin: A Peer-to-Peer Electronic Cash System was posted to a cryptography mailing list.
This paper detailed methods of using a peer-to-peer network to generate what was described as “a system for electronic transactions without relying on trust”.
On January 3rd 2009, the bitcoin network came into existence with Satoshi Nakamoto mining the genesis block of bitcoin (block number 0), which had a reward of 50 bitcoins. Embedded in the coinbase of this block was the text:
“The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.”
The text refers to a headline in The Times. This note has been interpreted as both a timestamp of the genesis date and a derisive comment on the instability caused by fractional-reserve banking.
Since its inception, Bitcoin and the blockchain technology that enables it have evolved into a robust and thriving community and infrastructure that is currently revolutionizing both software development and finance.
The benefits of blockchain technology are well documented and the potential it has to change the world for the better are undeniable.
What is noteworthy and is the crux of this article is that as a result of the Covid-19 crisis these benefits have transitioned from useful to essential imbuing blockchain with a much greater significance on the world stage.
Blockchain technology is ideally suited for verification, security and sharing of data. An immutable record of attestation via cryptographic protocols makes it the most advanced and reliable utility for multi-party, cross-border transactions.
The pandemic has revealed systemic weakness in our supply chains, essential resource procurement and deployment, and capturing and sharing mission critical data.
In a world on lockdown, social engagement at a minimum and key roles being unfilled due to sick personnel, how do we ensure that essential services, supplies and transactions are not disrupted?
How do we facilitate a requirement for urgency outside of bureaucracy and opportunistic exploitation within these transactions and maintain a level of security and trust that can hold the gravity of a life-or-death situation?
Only one solution meets these requirements and as destiny would have it, a community of engineers, innovators and entrepreneurs have been busy since the last major crisis in 2008 bringing blockchain technology to a caliber that can meet our now present need.
When this pandemic is over, we may owe Satoshi Nakamoto (whoever he/she/they is/are) a collective and heartfelt, thank you.
Take for example VeriTX a blockchain-powered platform for buying and selling traceable 3-D printed parts. The platform enables a decentralized manufacturing process where customers can order and print parts for use where and when they need them.
Recently the platform was awarded a contract from the Pentagon that facilitates the repurposing of sleep apnea machines into ventilators using 3D printed parts. The converted machines will be made available at a tenth of the cost of a new ventilator.
Another example is MiPasa, a blockchain-based open data hub that is enabling global health organizations and companies to securely collaborate and share information about Covid-19 carriers and hotspots around the world while ensuring robust privacy protections.
Tech startup Tymlez in partnership with the Dutch government is creating a blockchain-powered decentralized marketplace for time-sensitive and critical supplies such as PPE and ventilators.
The unique properties of blockchain technology deliver a level of transparency and trust that provides for a single version of the truth regarding products and product availability on the network that effectively mitigates price hoarding, quality issues and fraud.
These are only a few examples of how innovative entrepreneurship and blockchain are standing in the gap to meet the serious challenges being posed by the Covid-19 crisis.
Blockchain innovator and CEO of DealBox had this to say about the current situation:
“We are seeing the power of entrepreneurship and the private sector’s ability to marshall ingenuity and rapid deployment of solutions while bureaucratic institutions debate and play politics. As a veteran proponent of blockchain technology, it’s heartening to see the significance of the unique properties of blockchain finally getting the recognition it deserves. It is of course unfortunate that it took a pandemic to turn that light on. ”
DealBox has gained attention lately with the creation of a feature-rich, and robust platform using a compliant security token technology. DealBox gives issuers and investors a savvy approach to being first-in-line to invest in innovative new blockchain-based ventures.
Carter on DealBox:
“The attention being directed toward blockchain tech as essential technology due to the pandemic is waking investors up to the reality that blockchain is a huge opportunity. Tokenized assets are in many ways superior to traditional asset classes. Tokenization provides a greater degree of transparency, shorter processing and remittance time, liquidity, trust and utility. Tokenized assets by the very nature of being tokenized also affords uncommon utility and in addition to that are tied to real world value metrics.”
To learn more about DealBox please visit www.dlbx.io
Blockchain’s ability to provide trustless transaction immutability, transparency and privacy protection gives us a powerful tool to navigate the current crisis and to be better prepared for whatever the future may hold.
Thomas Carter, founder and CEO of DealBox, Inc; read about Thomas: “This FinTech Veteran Is Making Cryptocurrency Startup Funding Legitimate“; connect on LinkedIn and Instagram.
