When it comes to key moments from the year of 2020 which is now almost over, (Most of you will be thankful for that) Covid-19 or the Corona virus outbreak would definitely be one of the first things that pop into people’s minds. The deadly virus that took more than a million deaths worldwide has displaced life as we see it and if there was ever a time for the whole world to just stand united and fight against something, it would be the eradication of the virus once and for all. The Good news however is that most countries have found a temporary solution on containing the virus which can be done through isolation, treatment and social distancing through which the spreading of the virus has decreased. A temporary solution but it is still not something everyone can rely on. As of today, there are still a lot of people who are inflicted with the virus and the economic instability because of the ensuing lockdown is clearly visible.
Talking about Australia, it might not have been hit as badly by Covid as the United States or India but 27,000 positive cases and almost a 1000 deaths is nothing to push under the rug. Scott Morrison, the prime minister of Australia announced that the federal government would be spending about 800 Million AUD which is equivalent to $575 Million USD on technologies aimed to helping the businesses recover from the economic recession. The plan aims to invest in digital technologies such as Blockchain, MBR programs and digital identity solutions to launch the next phase of business growth as well as create more jobs. Blockchain was the important factor as it will cut compliance costs as well becoming a huge plus for the whole nation. Removing the old & slow technologies and replacing with Blockchain will definitely lead the country into a new age of development following the disaster created by Covid-19 and the government is planning on doing just that. Another thing that was revealed during the announcement looked on increasing the capabilities of small businesses with these technologies giving them a much needed boost to compete in the market.
With Australia making the big jump forward to improve the economy after the outbreak towards normalization, it can be taken as a cue for the rest of the world to follow. Although there are some countries who have not yet reached the point where they can contain the virus, Implementation of Blockchain is definitely a thing to consider since it gives multiple directions on different industries including healthcare and governance. Another thing that I would like to add regarding this topic would be the transfer of the virus. Research conducted has revealed that exchange of FIAT currency between people might also be behind the spread of the virus. Another problem which can be resolved by the inclusion of CBDC’s and digital currencies in the financial system. With China and Japan one of the first to start rolling out new Central Bank Digital Currencies for their respective populations, maybe it is a right step towards reducing the transfer of bacteria and disease. There is no doubt that Cryptocurrencies are taking strength and more and more people are adopting it to better prepare for the future, to make sure you don’t get left behind, why not check out Tyslin’s native Cryptocurrency $TYS which has shown signs of massive growth after listing within a single month. To get it for yourself, sign up by clicking this link.
What are your thoughts on this development? Will Australia be able to get back to its original path with this change? Is Blockchain the way towards the future? Will Cryptocurrency replace FIAT in the next three years? As always, write down your opinions and thoughts and we would love to feature you on our platform!