The increasing likelihood of armed conflict throughout the globe mixed with the previously hypothetical threat of nuclear war are the new realities that have caused us to reevaluate the necessity of blockchain technology.
The dispute between Armenia and Azerbaijan as well as Turkish aspirations in Central Asia, the crisis in Taiwan, the tension in North Korea, the list may go on forever — the globe is in a very dangerous state right now. Russia’s war in Ukraine may only be the beginning.
What Are The Experts Saying?
Irina Swan Lebedeva, Product Lead at Consensys, the top global provider of blockchain development services, outlines how blockchain technology may rescue the world.
“One of the most important traits of decentralized blockchains is that they are immutable.
Information on the blockchain cannot be lost or changed. The only way to destroy it is to eliminate every single device participating in the network, a near impossible task”.
In the event of a world war, where certain nations would lose their sovereignty, this becomes extremely important.
Decentralized currencies were made feasible by blockchain. “In the past, real estate was considered to be the safest investment, but today more and more people are beginning to see the value of cryptocurrencies since they may be the only assets you can save in the event of war or another bleak scenario. For buying a guide related to XEP you can click on the link.
Climate Change – Blockchain’s Enemy?
Another major threat to mankind is climate change, which will cause severe changes in the world’s climate and terrain.
Once more, this will lead to the money shifting from, say, real estate to digital ventures, particularly those with a decentralized structure. Overall, while blockchain and cryptocurrencies may not be able to prevent military incursions, they can provide greater asset security when times are uncertain.
What is more, saving the planet from climate change might become blockchain’s killer app.
The crisis is also hastening the global adoption of digital currencies issued by central banks. The US might introduce its digital currency as early as next year. The central bank’s digital money is used by 71% of Brazilians. Irina asserts that the existing system’s crises on both a political and an economic level may lead to the creation of databases and apps that are more open and safe. The use of blockchain technology is more important than ever.
Effect of Military Conflicts on Cryptocurrencies
Cash, euros, and other fiat currencies may become extinct by the year 2024. The world could be saved from the current financial crisis if these new digital currencies are implemented within the next 12 months and nations are able to come to an agreement. Climate change and military conflicts in 2022–2023 may affect what we mean by “safe” in the upcoming ten years.
Since the conflict in Ukraine began, the euro has lost more than 13% of its value, while climate change-related sea level rise threatens $34 billion in US coastal real estate. All things considered, now is the ideal time to invest in cutting-edge technology and monetary systems driven by decentralization, transparency, and security.
One of the fundamental human rights is financial independence, and people need to feel protected. The meaning of safe investment will be redefined. In addition to Bitcoin and Ethereum, there will be a lot more significant cryptocurrencies that thrive and flourish, all for a higher good.