Blockchain: The Driving Force behind the World's Post-COVID-19 Economy

Abstract

Blockchain was once one of the most talked-about breakthrough technologies because of its association with the famous currency Bitcoin and its potential applications in industrial fields. The COVID-19 pandemic has clearly shown the role of applying new technologies in disease prevention, public service provision, and business production by the state and businesses. However, currently, all technology applications have not met expectations, while many other shortcomings have occurred, such as energy consumption, scattered and unreliable data control, lack of legal basis, and others. The problem is how to maximize the application so that Blockchain becomes an effective tool to help build a fairer, more transparent, and sustainable world. This Blockchain will help bring great benefits through electronic data management, common data sharing, and mining rights, providing reliable information on a large scale, reducing production and business costs, and boosting the economic cycle. The article aims to clarify new insights about Blockchain and its benefits and limitations. The authors used descriptive statistics based on assessing the impact of the pandemic, analyzing opportunities and challenges, discussing the latest studies on the dynamics of Blockchain development after the pandemic. The novelty proposed policy implications to help businesses catch up and acquire success in restructuring the business technology system.