Blockchain is a technology designed to manage electronic data. It is expected that the blockchain market will expand at a compound annual growth rate of 67.3% in the coming next five years. By 2025 the growth rate would be $3 billion to $39.7 billion. These figures show that blockchain is a new and powerful technology that can change the world.
Since the covid 19 pandemic hit, people are shifting towards the social distancing world. So the integration of important technologies is a must during these times.
Blockchain is a family of technologies that work in three different sectors, especially to change policies and procedures after COVID-19 allowing methods in which business, security, and usability are managed.
Blockchain technology is rapidly evolving in terms of integration and process optimization across banking and finance, healthcare, and user experience in digital tech. After the COVID 19 pandemic, we would link our world through blockchains that will grant access and security to worldwide marketplaces.
Blockchain Could Transform These Sectors Drastically
Banking and Finance
The current unprecedented nature creates an unstable economic system. Due to the impact of COVID 19 on the global financial system, solutions in the form of blockchain technology are increasingly promoted for banks and finance, even at the national level.
These new ideas for proposals are primarily due to the success of cryp[tocurrencies. Cryptocurrencies have flourished in recent years, and forecasts show even broader integration. This trend has rocked the financial sector in the banking and financial world and evoked widespread reactions from industry experts.
After COVID 19 impact, blockchain technology could be the wrath of the long list of countries recording currencies losses against the US dollar, a universal form of currency. This change could transform banks and finance worldwide, leading to the wider adoption of technology.
Healthcare
The healthcare industry faces many problems that are aggravated by the hit of COVID 19. The threat of data breaches and inefficient access to records create a challenging and costly environment for medical care provision and investigation of urgent health problems. Blockchain technology can be useful for the entire system, and integration in the industry is progressing rapidly.
Blockchain is anticipated to the worth $1.6 billion with the aid of using 2025 worldwide as the healthcare marketplace. Blockchain tech can resource withinside the issues healthcare is dealing with the aid of using supplying safety and accessibility that the modern-day machine should by no means achieve.
If we talk about data accessibility, the decentralized nature of the potential healthcare blockchain also allows for user ownership and easy access for individual patients. This allows data to be transferred between healthcare providers while improving access to a database of unidentified information points useful in diagnosing and treating medical problems.
The systems of blockchain have already been introduced in health care and various products after various useful solutions such as:-
- It provides fast access to patient and positive patient information.
- Safe, real-time updates for patients and healthcare providers.
- Provides patient data for surveys and reviews insecure private forums.
These answers are essential in an epidemic world, wherein the want for telemedicine and broader know-how of the manner sickness switch and are handled is wanted for public fitness. Blockchain provides easy access and protection to the healthcare industry reducing costs and enhancing fitness outcomes.
User experience
It provides investments to both users and the companies that build the experience. In 2008 Teehan and Lax invested in the user experience and earned a return of 39.3%, overlooking the 8.4% average returns on the hedge fund.
User experience (UX) is essential for the growth of blockchain across sectors as it is a great indicator of success.
Crypto ATMs are an example of this usability providing customers with a simple and convenient experience. With the help of user experience, blockchain tech is a huge indicator of success.
Conclusion:
As industries worldwide adapt to COVID 19, blockchain system integration is becoming more common. In banking and finance, healthcare, and user experience, technology is constantly evolving. The benefits of this advance are safer and more convenient systems that push boundaries and provide more comprehensive solutions from payment systems to telemedicine services.
As we are facing the effects of the coronavirus pandemic, for navigating our economies and procuring future outbreaks, blockchain systems would assist in achieving that.