There is a lot that has happened to the globe in the wake of this Covid-19 pandemic. We have seen the impact in the markets, and the global economy is only starting to get to the bottom of the damage, but almost every aspect of the planet’s life has been impacted.
From the impact in the travel space, to the way in which nations have gone insular and they are looking to do things on their own, so has the power of globalisation fallen back and taken a break. The world was driving towards mass globalization but will take a while to get back to normal.
However, like many believe, the world will not just get back to normal, but will need to change and adapt, this is a space where a lot of people feel the power of cryptocurrency can use to disrupt how things were done, and Ethereum co-founder Vitalik Buterin also believes this.
Buterin believes that Ethereum can play a role in a future global crisis as the glue that helps bind nations together.
Speaking at the Ethereal Summit 2020 he described the current global crisis as more than just a financial one, Buterin said the levels of political discord and distrust between countries had highlighted the need for a network like Ethereum.
“I definitely think that there’s a role for blockchains — and Ethereum in particular — to play in being this kind of neutral global player role for these systems, currencies, and applications to interact. I think anything created and maintained by nation-states can’t play that role,” Buterin said.
Is Ethereum ready to be a driving force?
Blockchain has been put forward to help globalization before, but Buterin has gone one step further saying Ethereum, and the ETH cryptocurrency, could be the basis which helps rebuild this space.
Buterin said it is about “one third” financial, and discussed the current situation compared with the Global Financial Crisis in 2008 and if the event could help fuel a new crypto wave. Buterin said cryptocurrencies like ETH could grow this time around by addressing “non-financial problems” in the world.
“The cryptocurrency space… for the first decade or so, it was really focused on the financial aspects — censorship resistance of money… but here in 2020 we’re definitely seeing a lot of the same themes, but it’s somewhat less financial than before.”