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What do businesses need to overcome the pandemic?

Rebuilding trust with blockchain technology

COVID-19 renewed the spotlight on blockchain and revealed a vast ocean of possibilities. We spoke with Deloitte’s senior blockchain people to navigate towards novelty solutions for unprecedented challenges. The remarkable consensus we found highlights five entwined and essential technical building blocks. We illustrate their complex interdependency with five use cases, all focused on rebooting a post-corona world.

The COVID-19 pandemic has forced citizens and companies to rethink how they go about their routines in order to help contain the spread of the virus and flatten the curve. There have been examples of profound difficulties for international supply chains, SMEs unable to gain access to capital to withstand the pandemic, and processes normally dependent on paper documents.

With no vaccine on the market at the time of writing, many of the new practices by organisations continue for the time being. This makes the pandemic an unlikely accelerator for digital transformation.

Blockchain and other distributed ledger technologies (DLTs) can provide the infrastructure for enabling and scaling digital online services through trust and transparency. These extraordinary times increase the urgency at which businesses need to evolve to adapt to the environment we find ourselves in today and into a post-COVID-19 future.

In order to recover and thrive after this pandemic there is an urgent need to move to end-to-end digital processes and remodel global trade networks by implementing the lessons we are ‘forced’ to face.

In fact, many companies across the globe are recognising blockchain as a strategic priority for their business. The 2020 Deloitte Blockchain Survey polled senior executives to understand how they see blockchain in their companies’ digital strategy. A majority of 55 percent deemed it critical and positioned it in their top five strategic priorities -- a sharp increase from 43 percent in 2018.

Based on Deloitte’s experience of working with clients and consortia from proofs of concept (POCs) to live production settings, we have identified five key building blocks and five key challenges we will need to overcome in order to create the post-COVID-19 digital infrastructure that new businesses and platforms will emerge from as a result.

Get in touch if you want to learn more about how we help our clients overcome those challenges.

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