How Crypto Technology Continues To Revolutionise The Business World

It’s quite magical to see how crypto continues to make waves in the business world, especially after these currencies received serious criticism after their launch.

In fact, you may be surprised to learn that Grand View Research expects the global blockchain market size to grow by a CAGR of 90.1% within the next few years.

In addition, Swapin claims that 44% of respondents expect crypto payments to be a popular choice for online shopping.

These are very interesting trends for any serious investor to ignore. Remember, when more people welcome digital currencies, their prices can really be affected.

For example, if more people adopt Bitcoin, the value of BTC to ZAR and other pairs can increase due to a reduced supply of currencies. So, you want to ensure you aren’t left behind regarding such trends, given the volatile nature of digital currencies.

However, this article will focus mainly on how crypto is transforming the business world and what we can expect in the coming days.

Using it As A Competitive Edge

By the way, did you know that, according to Deloitte, about 85% of merchants believe crypto can really help them reach new customers?

Of course, this should not shock you because crypto payments are quite cheap and fast.

Especially for organisations dealing with cross-border remittances, which can be expensive, these features come in very handy.

Don’t forget that running a business in our contemporary world is becoming super challenging. Considering that acquiring new customers can cost you at least five times more than retaining, you want to take advantage of every opportunity to get ahead of these costs.

For example, based on the Deloitte study we have mentioned, you’d want to implement technologies like crypto that can help get new customers.

On top of that, the number of crypto users is increasing, and given its benefits, we might actually see more customers opting for crypto payments. 

Embryo conducted a study along these lines and discovered that more than half of shoppers think crypto will be the future of commerce. To cater to such expectations, a good number of businesses have already implemented the technology, and many others are expected to follow suit in the coming days.

Using it To Improve Customer Experience

As simple as it may sound, payments have become a critical aspect of customer experience. And as you may know, offering negative customer experiences is a no-go zone for businesses seeking long-term success.

In fact, studies show that people talk about negative experiences more than positive ones. Some experts suggest they can talk about positive experiences to an average of nine people but tell 16 others about negative ones.

Narrowing down to payments, Chaser HQ released a report claiming that 89% of businesses were not growing because of late payments. The side effects can be very devastating for small businesses, as they may lead to business failure.

Of course, no one wants to keep waiting for funds that take ages to process, especially now that there are technologies that can help ensure fast remittance.

Crypto comes in to help with its superfast transaction speeds. And if you are using more scalable networks like Solana, the benefits can just be magical. Solana actually allows up to 65,000 transactions to be processed within a second.

What other news could a business seeking to attract global audiences want to hear except this?

This ensures your payment methods can still operate seamlessly, even in peak seasons. That way, customers can be sure to find consistent experiences every time, no matter the season, encouraging return visits.

Crypto Amid Growing Security Concerns

It’s quite unfortunate that, according to StrongDM, almost half (46%) of all cyberattacks affect businesses with not more than 1,000 employees. Worse still, experts claim that 60% of small businesses often close down within six months after cyberattack incidents.

At a time when almost everyone is getting concerned about ensuring their online safety, you don’t want to ignore such statistics.

And beyond just incurring financial losses, cyberattacks can have devastating effects on your brand perception. No one would want to transact with a brand if that would expose them to attacks.

Customers have become more aware of their safety, with most checking whether brands are secure before transacting.

Therefore, as a brand that doesn’t want to lose such an audience, going for secure infrastructures can really help.

And do you know what?

Compared to many traditional infrastructures, crypto is more secure. It is decentralised so that the other entities can continue working seamlessly even if one is attacked.

Plus, it applies a more robust encryption technology that makes it very hard to decipher data even if it is wrongly accessed.

The immutability of this network ensures no one can edit or manipulate data once it is stored. Given such benefits of crypto, more businesses could actually adopt it to stay ahead of cyberattacks.

What is our final word?

There’s no denying the fact that crypto is making waves in the commerce sector. Businesses are using it for several things, including acquiring new customers.

Remember, as technology advances, our preferences always change alongside. So, now that receiving funds instantly has become a popular need, and crypto can help address that, more businesses are adopting it to stay ahead. 

The need for safe online interactions also provides good grounds for its advancement in the business world. With competition expected to increase, we may see more businesses adopting the technology in a bid to stay relevant.

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Recommended reading

If you enjoyed this post and have a little extra time to dive deeper down the rabbit hole, why not check out the following posts on cryptocurrency and blockchain?

• Why Blockchain and Cryptocurrency Is The Future Of Money
• 24 Ways To Earn Cryptocurrency
• How To Pay Tax On Cryptocurrency In South Africa
• How To Buy Bitcoin In South Africa
• Why Does Your Bitcoin Wallet Address Keep Changing?
• How To Tokenise Your Art & Sell It For Cryptocurrency

Disclaimer: This article should not be taken as, and is not intended to provide any investment advice and is for educational purposes only. As of the time of posting the writers may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency, as all investments contain risk.

Tags: Cryptocurrency, Blockchain, eCommerce, Guest Post