The Blockchain Industry Under the Pandemic: Challenges and Opportunities Coexist

The COVID-19 pandemic has brought short-term negative impacts to blockchain companies, but the medium to long-term effects are limited. Most companies report that their operations have been affected to some extent, but they have taken measures to respond. The impact mainly focuses on delays in work progress, high fixed cost expenditures, and obstacles in conducting business with partner institutions.

In the face of challenges, Blockchain companies actively respond:

1. Implement "distributed office" and "cloud resumption of work" to ensure business progress.
2. Change the marketing model and service delivery methods, focusing on key customers and mature products.
3. Develop new products and launch epidemic prevention applications

The pandemic has also brought new opportunities to the Blockchain industry, mainly concentrated in the following areas:

• Public Warning System: Timely Grasp of Epidemic Dynamics
• Material Traceability: Full Chain Tracking and Traceability
• Public Opinion Monitoring: Build a Trustworthy Monitoring System
• Identity Information Registration: Trustworthy Identity Management

65% of companies have adjusted their short-term strategies, while 22% have adjusted their long-term strategies. The industry generally has a positive outlook on the development prospects for 2020:

1. The pandemic accelerates the digitalization of society, and Blockchain-enabled industries will accelerate.
2. Blockchain deeply integrates with technologies such as the Internet of Things, artificial intelligence, and 5G.
3. Regulatory laws are gradually improving, promoting further standardization in the industry.

Overall, despite facing challenges, the Blockchain industry still demonstrates strong momentum and development potential. The pandemic has catalyzed the value of Blockchain in areas such as public affairs management, and future development is worth looking forward to.