The impact of blockchain in COVID-19 pandemic

The pandemic spotlighted shortcomings in existing processes, but it also pushed organizations further into their digitalization initiatives.

“It has resulted in a degree of digitalization that otherwise would not have been achievable in even three to five years, if we were lucky,” Bennett said. “With COVID, because we had to become digital, to figure out remote work and doing things without touching, companies, people and ecosystems had to adapt.”

The jump in cloud adoption rates and other such modernization efforts that were required to enable remote work and digital engagements have helped build out the IT foundation required to implement blockchain, experts said.

Meanwhile, COVID-19 and the resulting disruptions showcased how blockchain-enabled processes could outperform those enabled “We’re starting to see some of the larger companies [that] adopted the technology earlier see the benefits come to fruition,” Eckerle said. “And more cloud adoption and the other changes in tech infrastructure, that have helped pave the path for blockchain technology.”

Cutlan said organizations are now exploring where blockchain can improve existing processes as well as where it can enable new activities and requirements.

For example, she said blockchain could get government stimulus money to recipients faster, cheaper and more securely than direct deposits and old-fashioned paper checks. It can support digital passports that show individuals’ proof of COVID-19 vaccinations or immunity status. It can also bring efficiencies to supply chain, identity management and other business areas at a time when companies are facing significant pressure to cut costs.

Others cited blockchain as an enabling technology for work specific to COVID-19, stating that it is a way to improve clinical trial data management, share public health data, minimize disinformation and track fundraising efforts.

Such benefits create a compelling argument for blockchain in the COVID-19 pandemic, experts said, and they have a broad spectrum of leaders, from Congress to private industry, now pushing for more investments in the technology to address a range of problems.

“We’re seeing so much excitement about unlocking the value that’s there,” Cutlan said.