The entire world is going through a rough patch due to the Covid 19 pandemic. This is probably the first time in the history that the whole world is fighting a common enemy. The fallout of this disease has been more severe than the actual disease itself in many countries. The worst effect of this pandemic is noted on the economy where a huge loss has to be faced by almost every country. It is obviously a situation where the business came to a halt, and all economies were left without any direction. It has left millions of people jobless and homeless. The economy has crumbled in just a matter of a few months, and there are no signs of recovery shortly. All this has raised important questions about the fundamentals of our economic structure. In this regard, a decentralized process like crypto is the future as it can give a democratic base to the future. No single entity will have absolute control over the system, and this will help to build a stable future.
Growing pandemic across the world
The tiny virus has spared almost no country from its terrible effects, and hence almost every country has to suffer considerable losses in different segments. When the first case of coronavirus was detected in the beginning of this year, nobody had anticipated that it would create so much havoc across the world. Millions have been affected so far, and it has caused hundreds of thousands of deaths across various countries. Even though vaccine trials are going on in many countries, it is still a long way before a proper solution can be found for this problem. Till then, the economy was taking a massive hit as countries were forced to implement lockdowns to control the spread of this disease. Even then, it has not helped in many cases as the numbers are growing each day in many countries.
The fallout of coronavirus pandemic
The fallout of this pandemic has been more severe than the actual pandemic itself as it has crushed the economy in a matter of a few months. It may take another year or two for the economy to come back to normal in many countries. Tourism and hospitality sector has literally come to a standstill, and they have shut shop across the world.
Bigger than the past recession
With millions of jobs lost, the economy is struggling to stay in the positive territory. This has exposed the failures of our economic structure, and it is now time to build a decentralized structure in the lines of blockchain technology. Only this can save the economy from future threats.
How can cryptocurrency help?
In this situation of a pandemic, the most useful option is cryptocurrency. It is called digital or even virtual currency. Cryptocurrency is not based on authoritative economic structures that weaken the economy and devalue the currency. It will stay stable for many years and is not vulnerable to fraud and other manipulations. In this way, it is possible to restructure the global economy by moving towards cryptocurrencies in the long run.
Future of crypto technology
There is good scope for this technology as it can handle data and events in an organized manner without worrying about security aspects. All your transactions remain secure, and the privacy of participants is respected in this technology. This is the need of the hour when governments are trying to control every aspect of our lives by dictating new laws in their favour. It is time to move away from such a concept and welcome the crypto technology to save our world from future threats.