16 Nov What Businesses Have Been Disrupted by the COVID-19 Pandemic? Blockchain Technology
All Australians have been negatively affected by the COVID-19 pandemic. Although these economic disruptions haven’t been uniform, some were hit much worse than others. Many industries that were forced to close because they were prohibited from operating could not adapt. And while many businesses have adapted to the pandemic in order to survive, this adaptation could have been faster if only blockchain technology had been applied before, or even during, the pandemic.
Directly Affected Industries
Certain sectors were primarily forced to cease operations as a result of public health protocols and industries being deemed “non-essential.” These include:
- hospitality sector,
- air travel and tourism
- creative arts entertainment
- sports and recreation.
Most hard-hit is the airline industry. Even with limited international and local flights being allowed, the number of passenger seating has been reduced by up to 35 per cent.
Secondarily Affected Industries
These sectors have still been able to continue operation. However, many of these businesses suffered precipitous declines. Some had to adopt measures because of the decline in consumer spending. These include:
- store-based retail
- Education sector (especially tertiary education)
- mechanics and motor vehicle retailing
- food manufacturing
- supply-chain transportation.
Tertiary education has taken a massive hit because Australian universities derive almost 25 per cent of their revenue from international students.
Other sectors also affected in this category are agriculture, coal mining, and liquor and tobacco wholesaling.
The Challenge of Adapting
The major challenge today of most industries and businesses is adapting to the pandemic, with long-term planning for the future should the pandemic continue running its course into 2021 and beyond. One long-term solution that businesses can adapt to is to apply blockchain technology to their financial systems, operations, and database storage.
Blockchain technology is secure, decentralised, and a distributed ledger that can be applied in many fields and businesses.
With blockchain technology, each distributed ledger keeps a full copy of the entire ledger. The ledger continually verifies the integrity of newly recorded information and the copies it stores. If any or even many of these nodes are compromised, the ledger’s full information remains intact.
Blockchain Collective is closely working with Universities and Registered Training Organisations (RTOs) in producing a benchmark standard of education that empowers professionals and students with the necessary skills for a future in blockchain technology.
The Advanced Diploma of Applied Blockchain 10747NAT is the first-ever in Australia. This course, and the Diploma of Applied Blockchain 10849NAT, also created by Blockchain Collective, are designed to equip people willing to gain knowledge and experience in applying blockchain technology frameworks to any business framework. Call us at +61 (7) 3186 1013.