The Urgency Of Blockchain Solutions During Global Crisis
- Carmela Murray
- October 15, 2022
- 0 Comments
The growing risks of military conflicts all over the world, combined with the threat of nuclear war, which seemed only theoretical before, are the new reality that has made us rethink the urgency of blockchain technology.
“Russia’s war in Ukraine might be just the beginning, and we see growing tensions in other regions of the world: the conflict between Armenia and Azerbaijan as well as Turkish ambitions in Central Asia, conflict in Taiwan, the tension in North Korea, the list can go on forever – the world is in a highly volatile state right now.”
Irina Swan Lebedeva, Product Lead at Consensys, the leading blockchain development company in the world, explains how blockchain tech can save the world.
“One of the most important traits of decentralized blockchains is that they are immutable.
Information on the blockchain cannot be lost or changed. The only way to destroy it is to eliminate every single device participating in the network, a near impossible task”. This becomes highly relevant in a world war scenario, where certain countries are at risk of losing sovereignty.
Blockchain made decentralized currencies possible. “Before, people would see real estate as the safest asset, but now more and more people will start to appreciate crypto since this might be the only asset you can retain in case of war or another gloomy scenario. Climate change is another big threat to humanity, resulting in a drastic change in the landscape and temperatures globally. Again, this will cause the capital to move from, for example, real estate to digital projects, especially the ones of decentralized nature”. All in all, blockchain and crypto might not save us from military interventions but can offer increased security for assets during volatile times. What is more, saving the planet from climate change might become blockchain’s killer app.
Simultaneously, the crisis is accelerating the adoption of central bank digital currencies worldwide. The USA might already launch its digital dollar as early as next year. 71% of Brazilians use the digital currency developed by the central bank. According to Irina, the crisis of the current system on both political and economic levels might result in the issuance of more transparent and secure databases and applications. Blockchain tech is more relevant than ever before.
“Dollars, euros, as well as cash might cease to exist before the end of 2024. If these new digital currencies are adopted in the next 12 months, and countries manage to find consensus, this might save the world from the global crisis. Military conflicts in 2022-2023 combined with climate change might alter what we consider “safe” in the coming decade. The euro lost more than 13% of its value since the war broke out in Ukraine, and $34 billion of coastal real estate in the USA is at risk of rising sea levels due to climate change. All in all, in times of political and climate ambiguity, it’s the best time to invest in new technologies and currencies powered by decentralization, transparency, and security. People need to feel safe, and financial freedom is one of the basic human rights. Apart from Bitcoin and Ethereum, we will see many more meaningful cryptos prosper and emerge serving this higher purpose.”
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