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COVID-19 has proven to be a humanitarian crisis and tragedy with severe economic repercussions. Uncertainty dominates markets as international trade and activity declines to unprecedented levels, and a large portion of the global workforce is quarantined, resulting in a sharp decline in productivity. During these trying times, centralized economies have been severely tested and the flaws in their systems have become apparent. The design of the centralized economic system has led to the risk of many single points of failure, so it is structurally incapable of responding to crises. Given these weaknesses, we must instead incorporate distributed, decentralized systems and technologies that move the current system toward a more decentralized economy.
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Central bank lending woes
On top of that, amid high demand, lenders are predicting that these funds will run out quickly and will fail to stem the mounting wave of job losses. Lenders are also having to choose between timely disbursements and thorough vetting. With many banks now processing 10 times their normal monthly loan volume, preventing fraud will become an even more difficult task. With the influx of demand, the centralized banking business will be overwhelmed, and it is imminent to find alternative solutions.
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Decentralized Economic Solutions
The idea of a decentralized economy offers a divide-and-conquer approach to managing the need for economic relief in times of crisis. In times of uncertainty and turmoil in the financial sector, blockchain systems can build a more resilient economy by decentralizing and disintermediating to deliver efficiency, trust and transparency. This is why Sperax is committed to contributing to the infrastructure, hoping to empower the real world through the decentralized economy and realize the landing of mainstream applications.
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