300 Million! That is the number of people all over the world who own cryptocurrencies!
To put that into perspective, that is nearly 4% of the world’s entire population. Data pegs the number of businesses that accept cryptocurrencies as payments at 18,000.
India leads the world in terms of the number of individuals that own cryptocurrencies. 100 million Indians own one or the other crypto in some shape or form.
That is a staggering number and goes to show how crypto adoption is more mainstream than ever. Bitcoin reached a $1 Trillion Market Cap in February 2021.
This has led to skyrocketing interest and acceptance in different parts of the world. Financial analysts feel that cryptocurrencies and blockchain have massive positive repercussions.
In this article, we are going to list five important ways, cryptocurrencies and blockchain technologies are revolutionizing businesses all over the world.
Understanding Crypto and Blockchain: Which Companies are Leading The Way?
Blockchain Technology is the network on which crypto transactions are made. Think of it as the world’s largest decentralized ledger that is not under the control of any one authority.
According to Immediate Edge, Cryptocurrencies are digital coins that carry value according to the supply-demand market conditions. They are an alternative to traditional fiat currencies that are controlled by nations.
Let us now look at some of the world’s major businesses that have integrated Blockchain technology in their day-to-day functioning-
- Walmart is investing massively in utilizing Blockchain applications and technologies to better its supply chains. Walmart which runs thousands of stores globally wants to streamline its supply chain logistics using Blockchain.
- British Airways, one of the leading airlines in the world is experimenting with Blockchain to help it collate and read data across its flights across Europe and the United States. This is helping them manage and maintain flight data all over.
- MetLife is seeking to employ Blockchain for data management purposes. It uses Blockchain and integrates it to Insurtech in a way that helps with data maintenance and flow. This also allows for quick disbursal of claims by MetLife.
5 Ways Crypto and Blockchain are Revolutionary for Businesses
- Offshoots are a business opportunity in themselves
Cryptocurrencies and payments on blockchain have spawned hundreds of credible digital business opportunities that are waiting to be explored. Whether they be in the form of Smart Contracts, Non-Fungible Tokens (NFTs), or Metaverse, the possibilities are endless. All of them are multi-billion-dollar business avenues. In recent years, this is going to increase further.Â
- Secure and fast way to carry out cross-border transactions
One of the biggest problems businesses faces is the delay in terms of sending invoices and getting payments. Using traditional banking and processing international payments can be a nightmare. Cryptocurrency transactions can be done instantly. The Blockchain can serve as a register for payments as it is immutable and cannot be changed by anyone party.
- The lowest transaction fees help in saving a ton of money
Businesses process hundreds if not thousands of payments every single month. Using traditional payment methods like net banking or PayPal requires them to spend thousands of dollars in transaction fees. While you still end up paying a transaction fee when you use Blockchain, this is significantly lower than any of the existing payment platforms.
- Privacy and decentralization for your business payments
Blockchain transactions do not need to be governed by any third party. This means that it is free from the interferences and snooping of governmental bodies. The decentralized nature means that it is only the two parties and their consent that is required to make transactions happen. This allows you to enjoy a certain level of anonymity and privacy every single time.
- Complete audit trail and zero chances of fraud
Blockchain records all transactions that have been carried out ever since the dawn of history (figuratively). This means that there is always an audit trail that stretches way back. This not only reduces any chances of fraud but also allows you to maintain data on every transaction that you are a part of. There are no chargebacks that are present on credit cards.
The Bottom Line
A lot of experts point out that businesses that use cryptocurrencies can expect sizable protection against rising inflation as well. We all know how adding an extra payment channel can help increase the scope and operations of any business enterprise. Do you think that more businesses around the world should look to engage with Cryptocurrencies and Blockchain technologies? Let us know in the comments section below.
