Fabio Canesin, co-founder of fintech blockchain company Nash, believes that As the world emerges from the COVID-19 pandemic, blockchain technology offers the public a “unique” opportunity due to its “limitless” nature.
In an interview with Cointelegraph, Canesin states that he sees the “biggest” emerging use case for blockchain in three core industries after the pandemic: government, nonprofits, and small and medium-sized businesses.
Blockchain helps distribute stimulus controls related to coronavirus
For government agencies, the Nash co-founder stated:
“”This could mean using blockchain for stimulus controls instead of sending payments through traditional systems that take much longer and are prone to errors. In addition to using blockchain to speed up the process, the current system could (and should) start allowing individual accounts directly on the network without the need for intermediaries“”
For the non-profit sector, Canesin says, donations could work in a similar way to economic stimulus payments with blockchain. It adds that it is known that Donating directly to organizations is a “highly efficient way” to improve donation results, and this “direct contribution to individual digital wallets could adversely affect philanthropy”.
Canesin also commented on what blockchain could mean for small and medium-sized businesses:
“”Blockchain means being able to conclude contracts abroad (because the technology knows no borders and enables global payments) and to grant everyone access to the global economy, be it a small or a large company“”
Cryptocurrencies as a safe haven in times of crisis
Nash’s co-founder discussed the role of cryptos to mitigate the impact of the coronavirus pandemic crisis and said that one problem to consider is the fact that lCryptocurrencies offer a safe haven against poorly managed national currencies.
He gave the example of the crisis that Lebanon is facing today, where the COVID-19 crisis has accelerated an “existing” banking crisis:
“People are faced with withdrawal limits at ATMs and see that their savings evaporate after rapid inflation. Cryptocurrencies can protect against these two things. Not only does it control its assets, which means that withdrawals can never be blocked, but most currencies also have built-in inflation protection that is difficult to change due to its decentralized nature. “