How Ethereum Could Help The Global Economy Recover From A Recession

Source: Adobe/Boris

Ethereum (ETH) has a role to play in the recovery from a coronavirus recession. While the global economy is still waiting for the worst effects of mass lockdowns, layoffs, and losses, Ethereum and its ecosystem of financial platforms are waiting in the wings to make the eventual recovery easier.

Ethereum already boasts a wide range of DeFi (decentralized finance) platforms that make finance more accessible and efficient for their users. And according to figures working within the Ethereum ecosystem, the decentralization, transparency, openness, and speed of these platforms could play a key role in lubricating the global economy once it gets going again.

That said, the coronavirus outbreak and its resulting recession won’t necessarily have an immediate impact on Ethereum adoption. That will come only with the recovery, necessary improvements of Ethereum itself, and the development of genuine killer apps that solve real problems.

Internet-first, global-first

The coronavirus pandemic is putting growing areas of the globe under lockdown. And even after the worst of the pandemic is over, restrictions on movement may still remain in place for up to a year in various countries.

A year or so of lockdowns or partial lockdowns doesn’t sound all that great. However, as explained to by Graeme Moore, the head of tokenization at Polymath Network (POLY), it’s potentially promising for Ethereum and the various DeFi platforms based on the Ethereum blockchain.

“I am a fan of how DeFi applications are accelerating the transition to internet-first, global-first financial infrastructure,” he says. “In a coronavirus-caused recession, who wants to go to a physical bank branch to get a loan? DeFi teams are internet-first, global-first thinking individuals which will make it easier for everyone around the globe to access critical financial infrastructure without leaving their home.”

From tokenization platforms such as Polymath Network…

Source Link