Crypto is fast developing into a global innovative solution for sectors. Leading food companies like Nestle and Walmart have already implemented cryptocurrency, allowing customers to purchase their products using Bitcoin. Real estate, automotive, healthcare, gambling, and advertising are just a few of the businesses that have adopted Bitcoin and blockchain. What other industries will benefit?
People could only exchange with digital money at first. However, many businesses throughout the world already accept cryptocurrency as payment for their goods and services. Today, many people use Bitcoin to buy things like cars, houses, groceries, & peer-peer transactions. Want to know more about multiple industries that have adopted crypto? Let’s dive in on the top 7 industries that utilised the blockchain.
Banking
Unlike fiat currencies, Bitcoin is a decentralized digital currency that is not governed by a regulatory body or government. Some banks are still unsure to integrate Bitcoin due to regulatory concerns, but forward-thinking institutions have begun to integrate it into their systems. The United Services Automobile Association (USAA) was one of the first banks to test Bitcoin integration, making it possible for their clients to invest, transfer funds to bank accounts, and purchase insurance in cryptocurrency. The Federal Deposit Insurance Corporation (FDIC) insures the deposits, creating investment security for investors.
Travel and tourism
Visiting exotic locations, people may find it difficult to find ATMs & banks. Therefore, people are continuously looking for unique travel experiences. Many tour and travel providers, including airlines, restaurants, and hotels, now accept cryptocurrency. This allows clients to book flights and accommodations as well as pay for meals using Bitcoin. There are numerous reliable cryptocurrency exchanges that allow customers to complete international transfers from anywhere in the world in minutes.
Retail Industry
Nowadays, there are numerous online shops that accept cryptocurrency payments. Nevertheless, some retailers are still wary of implementing Bitcoin into their payment systems. Many major retailers, including Walmart and Home Depot, now accept Bitcoin as payment for a variety of products. Amazon does not take Bitcoin, but it does connect buyers with sellers who may fill orders in exchange for cryptocurrency. For clients who wish to pay for goods and services with Bitcoin, most retail shops will start putting Bitcoin ATMs on their premises, making it easier for shoppers to make payments.
The Food Industry
Cryptocurrency and blockchain are also continuously gaining traction in a variety of food-related industries, causing supply chains to be more transparent and smoother payments. Incorporating blockchain technology in the food industry will help food makers avoid counterfeits. Transparency in the system could help push the industry toward more ethical and responsible food manufacturing methods. It can also be used by distributors to identify and remove low-quality products from their shelves, enhancing consumer confidence. People can now purchase and place orders with leading food companies, such as Nestle and Walmart, using Bitcoin.
Online Gaming
The online gaming industry has been continuously growing since 1994. Despite it growing ever since, it got a massive shot in the arm with the invention of the smartphone, as it ushered in a new era in interactive gaming. Per estimates from Fortune Business Insight, this industry should keep swelling at an annual rate of 11% until it hits yearly revenues of $158 billion.
The Hospitality Sector
In a world that is still amidst the grips of a global pandemic, during the summer of 2021, several hotel chains sent out press releases to inform the press and public that they are now accepting cryptocurrencies, in order to enhance the visitor experience by becoming the first international boutique hotel group to allow people to pay with digital money. Booking.com partnered with Crypto.com to deliver travel deals to users of the Crypto.com app starting January of this year.
Conclusion
Many other businesses, including real estate, automotive, healthcare, gambling, and advertising, have adopted the blockchain technology. Analysts expect that the number of crypto-friendly businesses and services will progressively increase in the next few years. The huge worldwide organisations that advocate for Bitcoin are crucial participants in accelerating that expansion. As a result, there is no doubt that cryptocurrencies are here to stay, altering a wide range of corporate activities.
