Blockchain to Play an Important Role in Post COVID-19 Era: VeChain CEO

The COVID-19 pandemic has no doubt had a great impact on the global economy, but it is also paving ways for the mass adoption of blockchain technology and digital currencies. 

Some positive impacts of COVID-19

In an AMA session organized by Crypto.com on Thursday, Sunny Lu, CEO and co-founder of VeChain, a public blockchain project focusing on real-world businesses, revealed some of the positive impacts of the novel Coronavirus outbreak to the blockchain and crypto industry.

He first acknowledged that the pandemic has made many more people realize the importance of digitalization, adding that the global economy may even enter a new form that is quite different from the existing one.

Lu added that COVID-19 has stressed the need for data transparency and product authentication and this is especially vital in industries that are in urgent need of data sharing, transparency, and verification such as food safety, and health care.

Read: How Blockchain technology is disrupting the healthcare industry.

He expressed his conviction that blockchain technology is an ideal tool for enabling a transparent and open platform to collect valuable information, thus, establishing trust between different parties and countries all over the world.

Speaking on the most recent move made by the Chinese government, to introduce a digital currency, he stated that DC/EP is not open-sourced and can be likened to a digital version of MO of RMB, thus, categorizing it as an e-Cash rather than a cryptocurrency.

He cited a report by Dr. Ren of VeChain’s Research and Development team which stated that DC/EP does not make use of blockchain technology but it might consider integrating it into its system in the future.

However, he expressed his optimism for the project, saying,

I believe it’s a positive sign for digitalization… the best part of DCEP is to support global collaborations in a faster and more efficient way. It’s still unclear how to integrate or collaborate with DCEP for any…

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