How COVID-19 pandemic created a terrific boom in the blockchain business?

Akshara Singh

Akshara Singh

Hey, This is Akshara Singh, Crypto Writer at Coinsclone. I have a great passion towards Cryptocurrency & Blockchain and love to share my ideas through impeccable content. If you don't find me involved in writing, I will be a great bookworm.

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I hope you are well and safe. Yes, we know 2020 is giving more problems in our daily life and hard times. The world economy has faced many problems during this pandemic. As everyone knows that Covid-19 is a killer virus and that has affected many major countries across the world. People definitely need social distancing to avoid the spread of this killer virus.

Due to this COVID-19, the death count is increasing day by day. Also, the infected person count is increasing daily. So in order to avoid this, the government of many countries announced a temporary lockdown with some conditions.

More than 200+ major countries are in lockdown and infected persons are quarantined. Many doctors, nurses, officers, police department are sacrificing their lives to save the people from the COVID-19. This pandemic situation made many people jobless and also many of them lost their jobs. This pandemic situation badly affected the IT industries, education, economical growth, daily workers, and business people. Also, many more sectors are affected due to this COVID-19 pandemic.

But this pandemic does not affect much on crypto traders and blockchain business. Because many people don’t aware of cryptocurrencies and blockchain. In this blog, let us have a look at what is blockchain and blockchain businesses that you can start during this pandemic period.


What is Blockchain?

Blockchain is a complex and cutting-edge technology used in various use cases. In other words, a blockchain is a software that stores all the digital information in a secure way. This technology gives high-end security to your data and information. As the name suggests, the information is stored in blocks and chains.

As the cyber threats are rising every day, so the blockchain is the real security for your data. Also, makes it difficult for the attackers to extract the data. Only authorized persons can access the data. Already many industries have started to use blockchain technology. Such as supply chain management, healthcare, real estate, banking, finance, advertisement, and many more industries using blockchain technology. Because it reduces your work and time. Also, increases trust. There are some benefits of using blockchain technology in your business. Such as

  • Security
  • Auditing and record tracking
  • Increases trust
  • Reduces your work
  • Supply chain management
  • Guides multiple industries

Now let us figure out some blockchain business ideas during this pandemic period.


Start a Cryptocurrency Exchange:

Many people already aware of cryptocurrencies and crypto exchange platforms. But even though few people still don’t know about cryptocurrency exchange platforms. if you are new to this technology definitely your mind will be popped with a question what is a cryptocurrency and what is a cryptocurrency exchange.

First, you need to know what is cryptocurrency. It is a digital asset or a currency that helps to trade or buy other digital assets. The first cryptocurrency is bitcoin and it is developed using blockchain technology. Bitcoin is a prominent crypto coin until now. Currently, there are more than 2000+ reliable cryptocurrencies are available in the market place.

Now let’s see what is crypto exchange. A crypto exchange is a cryptocurrency trading platform where one can buy, sell, or trade a wide variety of major digital currencies and other digital assets. Here you can trade all the popular crypto coins. Such as bitcoin, ethereum, ripple, dash, EOS, and other reliable cryptos. It is also the finest online business for budding startups and entrepreneurs. Already many people started to build their own crypto exchange by using the powerful bitcoin exchange software from the professional crypto solutions provider.

So starting a unique cryptocurrency exchange during this pandemic period will definitely help you make more profits within a few months. you can start a cryptocurrency exchange business by using premium cryptocurrency exchange software. So that you can launch your own crypto trading platform within a few days in a hassle-free manner.


Health care industry:

The most crucial problem in the healthcare industry is storing the patient’s information and data. Such as patient health and identity details. also, the existence of fake medicines and drugs in the supply chain. By using this advanced blockchain technology you can store all the patient details securely with high-level protection. So only authorized persons access or view the patient’s health details.

Fake medicine drugs and restricted medicines by the government can be eliminated by using blockchain technology. Also, it provides more security and avoids cyber threats from hackers. The medical records of each patient in the hospital are securely stored in the blockchain. so when any patient visits another hospital or another doctor, they can show their all health reports.

To make the patient data and information more secure. Then you can use blockchain technology in a various set of methods such as

  • Traceability of pharmaceuticals
  • Secured transaction
  • Figuring out fake drugs and avoiding them
  • Improved medical record access.
  • Enhancing advanced digital payment options.


Fundraising (security token offering):

STO is the security token offering and one of the best crowdfunding platform. STO is developed by using blockchain technology. Before STO, ICO websites were first launched in the blockchain industry. Some investors faced some problems when it comes to fundraising. In ICO websites there is a possibility of scammed tokens and fraudulent activities. Investors also lost their funds due to these activities.

So to overcome this, the crypto community people invented the security token offering. Here the enterprises and startups can sell their newly released crypto tokens. In STO, only the secured tokens will take place and no utility tokens. All the security tokens are developed only by using advanced blockchain technology.

In other words, STO is one of the best strategies for raising your funds. But some experts in the crypto community say that creating a security token using blockchain technology is cost-effective. So you need to find the best blockchain development service provider to launch an STO.


Crypto wallet service provider

Being a crypto wallet provider is one of the best business ideas using blockchain technology. So that anyone can launch a cryptocurrency wallet in an easy way. When you have your own cryptocurrency wallet. Then you can enable your crypto wallet with many popular cryptocurrency exchanges. Through providing this service, you can more profits. Also, wallets are available in various types. Such as;

  • Mobile wallet
  • Desktop Wallet
  • Web Wallet
  • Hardware Wallet
  • Paper Wallet

As a cryptocurrency wallet owner, you can collect some fees for using your crypto wallet. You can collect some amount as a brokerage fee from users for every successful transaction done from your wallet. So this is also a good blockchain business to start during this pandemic.


Write and sell books

If you are a blockchain enthusiast, then you can start to write a book on the blockchain technology. This will be a very simple and easy way to earn huge profits. You will be given a vast amount for your blockchain book sale. you will be given some money for reprinting your blockchain books to avoid copyright issues for the publishers. Also,  many blockchain companies will keep you as an SME.


Final thoughts:

If you are planning to start a blockchain business then you can choose from these blockchain ideas. So it might help you to gain more profits during this COVID-19 pandemic. But choosing the perfect blockchain solutions provider is a more crucial part. So that you can start your own blockchain business with the help of professional support. They will assist you to launch your own blockchain business within a few days.

Article reflects author's own opinion.

In any circumstances can CCG be responsible for potential losses regarding investments or services, either referenced by the author in the article or by any links provided.

This platform is intended to share educational knowledge, open for several external author's and in no way represents any financial advisement.

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