International trade comprises nearly one-third of the world’s economy, $25 trillion out of $87.8 trillion, and varies across different industries, with some sectors eclipsing others when it comes to global outreach.
Blockchain technology in recent times has recorded a massive adoption by a significant number of global brands like Google, Amazon, Microsoft, leveraging on its functionality.
Already Blockchain’s application is widely used in key sectors ranging from the mining industry, payment service providers, heavy industries to fashion labels, benefiting from using blockchain to engage consumers and meet the demand for traceability and provenance.
Fortunately, growing interest in cryptocurrencies and blockchain technology supports a growing number of businesses in having a foolproof method of outsmarting their competition and attracting new customers.
Crypto pundits further argue the success of this disruptive technology is highly dependent on a supportive policy environment, a business-friendly ecosystem that is ready to exploit the new opportunities that Blockchain technology offers.
Here are a few factors to consider:
Remittances in the crypto space can’t be overemphasized especially for business owners. This generally involves payment of goods and services at a little or no transaction fee, which is very unusual compared to traditional banking.
Research indicates a triple growth in the total number of blockchain wallets between January 2018 and January 2021 (66 million), as Blockchain technology is becoming increasingly more adaptive and resilient in the global transactional landscape.
Businesses can easily integrate this into their means of transacting with customers or business websites; just by using plugins or APIs that allow payment in crypto. As a business owner you could easily use the FTX Pay on FTX Cryptocurrency Derivative Exchange to make payments easily and seamless.
Eliminating the Middleman
Bitcoin was designed to take the middleman (namely banks) out of the equation. Also, due to the coins’ inexistent association with any country, they aren’t subject to government regulations, and this makes them cheap, and seamless to engage in international payments.
Accountability and Transparency
Using Cryptocurrency as a means of remittance for business owners offers a high level of transparency and full accountability because all transactions are visible via digital ledgers on the Blockchain network and can not be manipulated because of the immutability of the Blockchain technology.
That being said, it’s critical to consider through an ethical lens the fact that businesses reputation could be at risk while making crypto assets a transaction tool. The risk remains that hackers could acquire access to clients’ digital wallets, and make purchases with the compromised gains, which could negatively affect your business image and overall operations.