In addition to crippling the global economy, covid-19 will also have opened the eyes of executives and business leaders to the need to move to decentralization. Apart from teleworking, several efforts have thus led to the advent of new suppliers on the market. Praised for its ability to ensure better management of supply chains, blockchain was expected at the turn of this revolution. However, almost 10 months of use later, the results are far from satisfactory.
Decentralization for massive blockchain adoption
The weakness of supply chains revealed during the health crisis, the authorities had to review their copy to cope with the many shortages. A natural solution has emerged, namely diversification of suppliers in almost all sectors of activity. At the start of the crisis, several specialists ensured that the use of blockchain would achieve better decentralization of the global economy. Professor of economics at the Carnegie Mellon University Tepper School of Business, Ariel Zetlin-Jones already announced the color last April.
” I expect many sectors of the economy to continue to look for ways to better diversify in the face of global shocks like a pandemic. It remains to be seen whether this diversification will be achieved through decentralization or through a few centralized actors increasing their level of diversification. To the extent that blockchain offers a way to achieve this diversification, by decentralizing the application of a shared database or ledger, I remain optimistic about the role it will play in the economy to the to come up »He declared.
Failures in certain areas such as health
It is clear that a few months later that the quest for decentralization has not necessarily been followed by the use of blockchain. In the health sector, for example, several cases of deliveries of defective hospital equipment have been reported in the context of orders placed with new suppliers. Mistakes that could have been avoided thanks to the immutability control and transparency that blockchain provides.
Professor at the New York University Stern School of Business, Hanna halaburda and his colleague Yannis Bakos conducted a study on the commercial uses of blockchain. Out of 150 projects announced, only 10 to 15% of them had actually been implemented. Looking more closely at the real impact of these projects on the decentralization of the economy, it appears that the field of application of this technology is narrower than expected. Indeed, this was limited to supply chain management, certification or payments.
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Despite the lack of mass adoption of blockchain as part of the decentralization of the economy on a global scale, there are still grounds for satisfaction for the future. Companies that have tested this solution now know how reliable and economical it is, which is already an advantage in the event of a new crisis.