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Cryptocurrency has had a major impact on the world of finance and more and more opportunities are now available for the format to be disseminated in new areas.
Let's take a look at the new and future uses of cryptocurrency and blockchain technology and how they can be used more by companies and consumers in new applications.
Loyalty programs
Loyal customers make purchases up to 90% more regular than occasional customers, however this can often be more difficult to implement for small and independent retailers.
Using cryptocurrency rather than traditional methods, customers receive something they really want: the ability to earn loyalty from multiple retailers and the choice of where to spend, thus creating a shared loyalty experience on High Street.
Data sharing
Most business data is not used, but blockchain can act as an intermediary for companies to store and move this data. This can help improve a number of industries by reassigning unused corporate vital technology or accessing the resources that are in demand, in order to make IT services more fluid.
Immutable data backup
Today's cloud storage systems are designed to be a reference source for data retention, but they are not free from hackers or even infrastructure problems. Blockchain can be used as a backup source for cloud data centers to solve this problem, which means your data is protected in the cloud by an additional level of security.
Stock trading
Blockchain has the ability to rival or replace the current standard stock trading platforms for stock trading. Blockchain networks validate and regulate transactions very quickly, so they could remove the long waiting time investors could see when they sell stocks and request access to their funds for reinvestment or withdrawal. This could also make stock trading more accessible for newcomers and new trading platforms could create new funding markets for businesses.
Money transfers at low cost
One of the best known uses of cryptocurrency is to send and receive low-cost and high-speed payments. Large money transfers pass through a financial intermediary which makes commissions much, much higher and takes much longer, especially if it is an international transaction. It is likely that we will soon see a greater upswing in money transfers, especially in business-to-business applications, as well as in e-commerce settings.
Make private transactions
Privacy-centric digital currencies allow users to make anonymous financial transactions, which means that people can make money transfers without having to explain to a bank why they are sending a large sum of money, what are the sources of the funds and who send to. This means that the process can be sped up.
Send and pay remittances not in cash
Cryptocurrencies can be used for non-cash remittances, such as mobile data top-ups or bill payments. This is a useful way for companies to keep certain finances separate from other expenses, and for others to make payments on behalf of another individual.
Supply chain monitoring
Companies can use blockchain-based technologies to monitor supply chains and identify inefficiencies more quickly, as well as identify items in real time, eliminating the need for a paper trail.
Blockchain can also allow companies to see how products are executed from the point of view of quality control when they are transported to the retailer in the factory or warehouse. This provides greater transparency along the supply chain process in order to find and correct any problems that may have occurred.
