CHENNAI, TAMIL NADU, INDIA, March 10, 2022 /EINPresswire.com/ — Mr. Hitesh Patel from Surat, Gujarat-India is an expert in Blockchain Technology. He is also a successful entrepreneur in several sectors. Mr. Hitesh has been involved in many cryptocurrency-related projects, which have been successfully launched internationally. He has also developed many blockchain-based applications. By December 2022, he also plans to launch his Blockchain. With his strong technical background and experience in blockchain technology, Mr. Hitesh has done various researches on the impact of Blockchain on future business.
The past decade has been the most pivotal era for the mass adoption of blockchain technology and cryptocurrency globally. Blockchain technology, being the backbone of cryptocurrency, has expanded far beyond gambling and the financial industry. But are these technologies really being widely adopted?
Mass Adoption of Blockchain Technology and Cryptocurrency
According to a HSB survey conducted by the end of 2020 by Zogby Analytics, more than a third of small and medium-sized businesses in the United States accept cryptocurrency as a means of payment. This represents 36% of companies and businesses of this size. The survey also revealed that 59% of the same businesses use cryptocurrencies for their purchases.
Along with this, new businesses (in business for 5 years or less) report 20% more acceptance of advanced technologies such as crypto and blockchain for their business. However, adoption is only 21% among more established companies that have been in business for more than 20 years.
Why might businesses be reluctant to embrace cryptos and blockchain technology?
Without a doubt, the benefits of using these advanced technologies in business and other sectors are undeniable, there are some associated risks that might be unavoidable. The biggest risk is the vulnerability to cyberattacks and computer fraud that crypto and blockchain can bring to businesses.
However, there is a definite shift in how businesses view cryptocurrencies today compared to how they have been viewed historically. This shift is clearly reflected in the number of merchant services that are hitting the market recently.
Burger King, Subway, and KFC are the giant food chains that have embraced blockchain and crypto. This growing number represents an apparent demand for a technology-based payment infrastructure.
Impact of Mass Crypto and Blockchain Adoption
The business sector has been under the process of digitization for a few decades. Blockchain technology is the latest game changer in a lot of business use cases. Some areas where blockchain and cryptos have the potential to transform the traditional business structure are discussed below.
Read on to find out!
Improved management and operating systems
Blockchain has the potential to help reduce friction between parties exchanging information in a business process. This can better streamline management and operating systems by raising the level of trust between interacting business parties.
A good example is the legendary camera maker, Eastman Kodak. The company uses a management platform called KODAKOne that allows photographers to own an encrypted digital ledger.
Reduce middleman requirement
Blockchain cryptology is an easy replacement for third-party intermediaries. Not only will this reduce overhead, but transactions can be made more secure by removing the third-party involvement typically required in conventional banking, contracts, and business processes.
Marketing and Advertising
According to Juniper Research, marketers and advertisers are at high risk of losing billions of dollars to scammers and fraud. The use of blockchain cryptology can help this area of the business sector by better managing budget expenditures and cutting out middlemen.
An example is IndaHash. It is a platform that facilitates access to digital influencers for brands and businesses.
Accounting can be a complex business process, full of challenges and requiring transparency, precision and accuracy.
Transactions made through the blockchain are transparent and accurate. This transparency can instantly reduce the time it takes to validate transactions.
Rubix, the one-stop blockchain software platform offers simple accounting solutions for businesses such as crowdfunding and crypto trading.
The Madras Grandstand
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