Blockchain: The motivation to promote global economy post Covid-19

Abstract

Due to its association with the famous digital currency Bitcoin and its potential applications in industrial fields, Blockchain had been one of the most discussed technologies. The Covid-19 pandemic has shown even more clearly the necessity of applying new technologies in disease prevention, public service provision and production of goods by the government and businesses. However, all applications have not yet met expectations due to shortcomings such as excessive energy consumption, scattered and unreliable data control as well as the lack of legal basis. The problem now is how to optimize applications so that Blockchain becomes an effective tool that can help build a fairer, more transparent and sustainable world. This can bring forward new benefits in terms of electronic data management, common data sharing and exploiting rights, reliable large-scale information provision, production and business cost reduction that can give a propelling boost on the circular economy. This research article clarifies new understandings about Blockchain, along with its benefits and limitations. On this basis, the author first assesses the impact of the pandemic, analyzes opportunities and threats, discusses the latest studies on the dynamics of Blockchain development post-pandemic, thereby proposing potential policies to help businesses hold their grounds, and work their way forward in the process of restructuring the business technology system.