There is no question that blockchain technology has the potential to impact global financial systems. According to the World Economic Forum, the driving force behind cryptocurrency could also help the world save billions by reducing waste and creating jobs.
The World Economic Forum published its thoughts in a report that addresses the post-pandemic effects of COVID-19. According to the report, blockchain technologies could create almost 400 million jobs by 2030. The reason for the boom is that blockchains could take on greater importance in supply chains following the COVID-19 health crisis.
Food waste in the food supply chain could also be impacted in a positive way by blockchain technology. The Forum estimates that some $365 billion could be saved by allowing blockchain applications to manage food supply chains. Walmart, Nestle, and other major companies have begun experimenting with blockchains to evaluate the benefits of the technology.
Other supply chains such as mining and energy could also be impacted. Many believe that blockchains and cryptocurrency could assume a vital role in society in the coming decade. Bitcoin and other virtual assets could prove to be uniquely suited to manage financial transactions in the wake of the pandemic. No one knows yet precisely how the world will be affected, or for how many years the residual effects of COVID-19 will persist. Some are already speculating that many aspects of society will assume a new normal.
The World Economic Forum is expected to continue its research in the coming months. In the meantime, major companies in retail and other sectors continue to work on the development of their own blockchain platforms. This comes as the technology is seeing greater acceptance in countries like China which have previously been hesitant to accept cryptocurrency or the technology that supports it. China has now opened the door to blockchain development firms within its borders.