In recent years due to the progression of cryptocurrencies, there has been a significant impact of various target industries on the business of different kinds. In this post, we will discover about the effects of various target industries like cryptocurrency, fintech, banking and trading on business. Be it a small scale business or huge multinational business, the introduction of cryptocurrency has impacted every company in the market. Many entrepreneurs are even using crypto crowdfunding techniques like Initial Exchange Offering Services for their business.
Impact of cryptocurrency on businessCryptocurrency, also known as digital currency uses blockchain technology. With this technology, anybody can create their own digital currency, which will be used as an online mode of payment. Some of the famous and acceptable cryptocurrencies are bitcoin, litecoin, dashcoin, ethereum, etc. In 2009, bitcoin was first used in business transactions; after this, many companies started using cryptocurrency for their business. Here are some positive impacts,
- Digital payment facilities: Many companies have introduced cryptocurrency as a digital mode of payment. Now along with payment option like net banking, debit card, credit card, wallets, you can also make payments using cryptocurrencies. It is safe as it is highly encrypted, it is quicker, and the transaction fees are even less.
- World market: By introducing cryptocurrency in the business, companies can now expand and reach the global market. As these currencies are acceptable worldwide, a business can use it reduces waiting time for international transactions.
- New customers: With the ease of it, many tech-savvy people prefer using cryptocurrency. With the introduction of cryptocurrency, companies have gained many new customers.
- Ease of transaction: Transactions done using cryptocurrencies are highly profitable to the business, as there is less transaction fee. It is quicker than normal transactions. There also fewer chances of frauds.
- Blockchain technology: This technology was first used in the cryptocurrency market. Now it is being used by various business organizations like,
- Real estate companies
- Automotive companies
- Health care
- Banks
This is how cryptocurrency has impacted business, and companies are being free towards introducing cryptocurrencies. New start-ups are using crypto techniques like ICO, IEO and STO to start a business. With this growing trend, new service companies like IEO Development Company, STO Development Company and Companies providing ICO Solutions are established. These companies specialize in providing ICO, IEO and STO development services to new as well as old businesses.
Impact of Fintech on businessFintech stands for Financial Technology. This industry comprises of companies using technology like the internet, software, smartphones, applications, etc. to provide financial services. Since a long time, fintech has had a significant impact on businesses. Recently cryptocurrency and blockchain have stated to gain Fintech industry’s attention. Fintech world is ready to explore the crypto world. When these two forces combine, businesses will have a considerable impact.
- First crypto bank: A financial company named Seba Crypto AG, in Switzerland, raised $104 million from investors. This money will be used to start the world’s first crypto bank. Here people will be able to manage both real as well as cryptocurrency in the same bank account.
- Blockchain technology: Blockchain technology have bought new evolution in the fintech world. Most prominent financial players like, JP Morgan Chase and Bank of America are planning to use blockchain technology.
- Higher Investment: People have started investing more money in fintech business to expand blockchain technology. This technology will change the face of business industries.
- Payment solutions: Fintech has developed many applications and software to make payment easier. Now with the introduction of cryptocurrency in the fintech world, businesses will be able to develop new payment solutions for their business.
- New applications: Companies will be able to use new financial applications with the latest blockchain technology. These applications will be safe and secure, as everything will be highly encrypted.
Banking and business have always been related. Business depends on the bank for various purposes like managing finance, raising funds and investment. But now banking has drastically. Cryptocurrency and blockchain technology has changed the face of banking. These are few impacts on the business,
- Safe Investment: The money in the banks will be secure. The banks won’t be able to reduce the value of cryptocurrency. Because of this, business organizations can invest their money without any fear.
- Ease of use: Banking system will become more comfortable with the blockchain system. Business organizations can now easily use banking applications and software.
- Low transaction cost: Transaction cost is a big deal for business organizations. With modern banking and cryptocurrencies, business organizations will have to pay lower transaction fees.
