Cryptocurrency has taken the world by storm. Currently, a lot of people prefer to use crypto for their transactions.
Due to the limited supply of bitcoin and other coins, some use it to store cryptocurrencies as value. Others store crypto for speculation. This means they aim to make a profit when the value of a coin increases against a US dollar.
Another reason why traders and investors own bitcoin is to make daily transactions. These include traveling, shopping in stores, and other activities.
Now, are businesses keeping up with the blockchain revolution? Read on for more information! Visit Below image.
Travel Companies
What are the biggest industries around the world? The travel industry is probably on top of the list. It is also the second-fastest growing industry, according to experts and professionals out there. More than $1.17 trillion is expected to be spent in the sector this 2020 and beyond.
For that reason, plenty of domestic and international travelers are expected to settle the costs of their flights and hotel rooms using their crypto wallet. Then, companies of any size strive to incorporate this innovation into their operation to streamline the process, meet client’s demands, and take their experiences into a different level.
Parking Access and Shuttlefare, for example, have added BitPay to their platforms. This enables customers to utilize any type of crypto as a payment method. It also makes the process quick, secure, and convenient over time.
The Banking Sector
Aside from the travel industry, the banking sector is another popular name that adapts the blockchain revolution.
For many years, people from different corners of the world heavily relied on banks to make payments or even store their money.
Apart from that, banks have been responsible for investing assets. This lets clients acquire additional wealth in the long run.
Although it is considered traditional, banks remain the go-to option for many. In fact, the number of people using banks skyrockets every year, according to recent studies.
More particularly, there are approximately 1.2 billion adults who opened bank accounts from 2011 to 2017.
But with some challenges, many individuals start to doubt whether the traditional banking system is safe or not.
With the availability of cryptocurrency, the public has many options to take advantage of.
What makes the crypto different from the conventional banking system? Well, bitcoin and other popular cryptocurrencies promise to provide a transparent system.
Immutability and decentralization, for instance, guarantee that crypto clients understand what happens in the system in real-time.
Unlike cryptocurrency, banks don’t have decentralization. But the long wait is finally over! In fact, some entities have been using a blockchain-centered network to address the problem and compete with the crypto market.
While this blockchain-centered network is not on the same level as cryptocurrencies, it securely houses any banking records, authenticates business data, and scale up the traditional banking system.
Online Shopping
More than the travel and banking sectors, the online shopping industry has been gaining a massive popularity. It’s no surprise as people are choosing to receive goods in the comfort of their homes.
With that growth, the online shopping market can reach around $4 trillion this 2020. So, small, medium-sized, and large companies must strive to make a global adoption of crypto happen.
When it comes to transparent and secure payment service, blockchain can level up supply chains. The online shopping industry is no exception.
Other known companies begin providing the simplest way to shop on Amazon and other largest stores over the internet.
Bottom Line
Therefore, the blockchain revolution is moving as quickly as we expect in the first place. Despite the adoption of traveling and online shopping sectors, the efforts from other businesses are needed to turn this long-term goal a reality soon.
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