Liechtenstein and Switzerland are at the forefront of digitalization and blockchain development. The current crisis could turn out to be a massive opportunity that moves the industry forward.
Wedged between the badly hit countries France, Italy, and Germany, both Switzerland and Liechtenstein are taking precautions to tackle the corona-crisis. But besides all the bad news, this crisis could become a huge opportunity for both countries, in particular, for the crypto valley.
Businesses are forced to use digital technologies
As countries go into lockdown, people are forced to keep social distance and work from home. In times like these, digital technologies become more crucial than ever before. We may not be able to stay close to each other physically, but we still need to communicate with each other, socially as well as professionally.
As a result of the pandemic, even companies that used to be “digitally lazy” will now have to step up their digital game: Video conferencing, document sharing, cloud solutions, information security – businesses across all industries, whether they like it or not, will have to use digital technologies to keep their operations running.
The result will be a steep learning curve. Companies that have so far relied on outdated solutions will now experience the efficiency of digital tools. Leaders who have shied away from allowing people to work from home will notice that some folks are getting more productive if they can work in their own environments.
All of this could lead to a shift in mindset and pave the way for massive digitalization efforts in the years ahead. As many blockchain and crypto companies in Liechtenstein and Switzerland are ahead of the game in terms of digital solutions, they will be among the first to benefit from this trend.
Pandemic creates additional blockchain use cases
Blockchain, as a core digital infrastructure technology, will benefit from businesses demanding more digital solutions. Already today, the crisis has created additional blockchain use cases.
China and South Korea, for example, are already using smartphone apps to monitor people with the disease. These technologies include everything from geolocation tracking that can monitor the location of people through their phones to facial-recognition systems that can analyze photos to determine who might have come into contact with individuals who later tester positive for the virus.
But such apps only work if they are used on a large scale. At least 20 percent of a population would have to contribute to the app to enable effective modeling and predictions on how the disease spreads. However, these surveillance tools push privacy limits, which is why users might be opposed to subscribing.
Blockchain could give the user more control over their data. For example, they could decide to share it with scientific organizations or government institutions that are in charge of tackling the pandemic, but not with private companies. As there would be no central entity collecting and storing the data, a blockchain-based tracking system would be much more private and secure which could give users the confidence to agree to the collection of their data and thus help to prevent future pandemics.
That’s just one of many possible use cases. The message is: This crisis is a massive chance for blockchain businesses and anyone else who is involved with digital technologies. Digitalization is where the growth will be in the next decades, and the current crisis may give it a massive boost.