As the coronavirus pandemic continues, blockchain companies are facing having to face a new uncertain reality.
According to the executives of blockchain companies interviewed by CoinDesk, although crypto transactions, customer services, and marketing have remained largely the same, the coronavirus has had a huge impact on technology upgrades, product development, logistics, and business travel.
For blockchain companies involved in hardware and mining. The impact of the virus has mainly been on the production and distribution of mining machines. Due to the consequences of the outbreak, arrangements for the production, delivery, after-sales, and maintenance of major mainstream mining machines have been delayed.
Blockchain companies in the secondary market which focus on transactions, including exchanges, project institutions, investment institutions, and individuals will inevitably be affected by the global economic downturn.
Cryptocurrency is a risky asset. The more turbulent the times, the more people tend to sell risky assets and move to safe assets such as cash, gold, and national debt. Therefore, cryptocurrency will face downward pressure in the short term, and the exchanges that mainly rely on trading volume and liquidity will undoubtedly suffer the most pressure.
Blockchain technology companies refer to areas that promote the application of blockchain technology, such as anti-counterfeiting traceability, privacy protection, and data finance. Such companies have so far only seen reduced working hours at most, and chain practitioners have long been accustomed to “decentralized” and “distributed” offices, so the impact of the virus on working is minimal.
The impacts of the coronavirus on the blockchain industry are clear to see. Therefore, the biggest goal of companies now is to identify these areas and adapt to reduce losses as much as possible.