The coronavirus pandemic is the “black swan of 2020”, which has led financial markets to fall back since the 2008 recession. However, in these times of crisis, blockchain may still have a chance.
On March 19, Yu Jianing, Huobi University Principal, gave a live broadcast entitled “Global Financial Storm Siren, How to Use the New Thinking of Blockchain to Turn Crisis into Opportunity,” said Chinese blockchain media. He noted that:
“Without the 2008 financial crisis, bitcoin would not emerge, nor would there be blockchain prosperity without the 2020 financial crisis”
Yu Jianing explained the basic logic behind blockchain during the broadcast, referring to what he called the ‘blockchain mindset’. He also gave the public suggestions on how to effectively allocate assets and better understand the direction of the blockchain industry in times of crisis.
China has launched 20 blockchain-based applications to fight against the ongoing corona virus.
Bank of China (PBoC) has also reportedly secured $ 4.7 million in central government funding for a blockchain trade finance platform built for research and development projects.