The coronavirus pandemic is the “black swan of 2020”, leading financial markets into a level of decline not seen since the 2008 recession. However, blockchain may still have a chance to flourish during these times of crisis.

Financial crisis presents an opportunity for blockchain developers

On March 19, Yu Jianing, Huobi University Principal gave a live broadcast titled "Global Financial Storm Siren, How to Use the New Thinking of Blockchain to Turn Crisis into Opportunity," according to Chinese blockchain media outlets. He commented that:

“Without the financial crisis of 2008, there would be no birth of bitcoin and again without the financial crisis of 2020, there will be no prosperity of blockchain”

Yu Jianing explained the basic logic behind blockchain during the broadcast, referring to what he called the “blockchain way of thinking”. He also gave the audience suggestions on how to effectively allocate assets and better understand the direction of the blockchain industry in times of crisis.

China gets on board the blockchain train

As Cointelegraph reported earlier last month, China has launched 20 blockchain-based applications to fight against the ongoing coronavirus.

Bank of China (PBoC) has also reportedly secured $4.7 million in funding from the central government for a blockchain trade finance platform built for research and development projects.