How Crypto is Future-Proofing Business
The crypto and blockchain space is among the fastest growing technology fields today, and has already shown immense potential to be a vital part of the future of enterprises across the globe. Gaining popularity over the years as both a payment and investment option, crypto’s decentralized, secure, and cost-effective nature makes it a viable option for enterprise development. From building on DeFi (Decentralized Finance) to offering crypto payments, the blockchain is the future of both enterprises and consumers.
In this new age based highly on digital exchanges of information and funds, customers are getting smarter, and they recognize the importance of having privacy within their financial ecosystems. Unlike traditional financial systems, DeFi offers alternatives to traditional financial services and products, such as lending and borrowing, trading, insurance, and more, without relying on intermediaries like banks or other financial institutions. Instead, DeFi uses smart contracts and decentralized protocols to automate financial transactions and maintain a transparent and immutable record of all activities on the blockchain. This creates a more transparent experience for the customer, along with better security and privacy for the enterprise.
For enterprises across the globe, crypto can be more cost-effective than traditional finance and credit card transactions. Fewer intermediaries lead to reduced transaction fees, meaning that enterprises can save more money over time. Another major benefit is the potential for digital assets and crypto to support new products and services, creating more competition within various industries that may lead to lower costs for consumers.
Staying ahead of the competition is every enterprise’s goal, and faster transactions for customers can mean a higher satisfaction rate along with higher retention rates. With the crypto market expected to double by 2028, more consumers will continue to demand higher standards for transactions. Arguably the largest affected industry by demand for faster transactions, the banking industry has made the necessary changes to adapt to the changes in transaction demands for their customers. By just 2018, 91% of banks had invested in blockchain solutions, with some of the biggest names being Goldman Sachs, J.P. Morgan Chase, and Citigroup. Banks and financial institutions have eliminated the need for third-party intermediaries, shifting towards an automated transaction system and taking the usual 2–3 day transaction processing time down to a matter of 2–3 seconds.
The decentralized, secure, efficient and cost-effective nature of cryptocurrencies is making it an increasingly attractive option for enterprises looking to future-proof their operations. The adoption of cryptocurrencies by enterprises is likely to grow in the coming years, as they look to take advantage of the benefits offered by this innovative technology.
It is quite clear that the future of enterprise operations lies within crypto and blockchain technology, and its popularity is only set to increase. By avoiding high transaction fees, locking in faster transactions, and remaining transparent, enterprises can ensure they stay ahead of the competition.
As crypto and blockchain technology continues to progress, it is important for enterprises to stay educated on the latest options for their customers. As a leader in the enterprise crypto and DeFi space, Shift Markets gives enterprises the opportunity to stay ahead of their customers’ needs and utilize the power of customer crypto exchanges, payment gateways, and more, without having to invest in a full-time staff or development team.