There are still many in the world underestimating the impact that cryptocurrencies are making. Besides the sheer amount of money they have made those lucky initial investors in the most profitable platforms, they are proving a lot more than an investment option. Here, we’re going to look at some of the ways that crypto, and the blockchain technology that comes along with it, is already starting to make ripples in the business world.
The fundraising stage of a business lifecycle is one of the hardest. However, cryptocurrencies could play a large role in furthering the growth of an already emerging option: crowdfunding. Crowdfunding is already more attractive than traditional fundraising thanks to the ability to appeal to many, instead of a few. There’s not as much risk for the investors, and a lot more potential reach. With cryptocurrencies, that reach can go even wider, since cryptocurrencies have very low transaction fees compared to many digital payment platforms. However, there are still many sharks using fraudulent exchange platforms, so fundraisers need to be wary.
The new accounts
Digital payment platforms, such as PayPal, are already starting to become much more the norm, as people get more used to handling their finances and transactions online. Choosing between cryptocurrency platforms like Stellar vs Ripple brings its own challenges, but already more businesses are accepting cryptocurrency payments. If you find a legit, established platform, it’s faster and more secure. What’s more, the low cost and lack of intermediaries means that you’re not subject to the whims or a third-party arbitrator.
Marvels in marketing
Crypto could offer the key to much more than how our money is handled online, however. As HubSpot shows, the blockchain technology made popular by cryptocurrencies could be even more disruptive on its own. In marketing, the blockchain’s ability to record transactions and copy itself rapidly across many different platforms, storage devices, and pieces of hardware means that an advertising company could, potentially, get complete insight into an individual’s customer’s journey. For instance, blockchain could make it that an ad that shows up to a customer on one platform doesn’t show up on another. Or, in the cases of remarketing, it could make it possible for an ad from a brand to appear specifically to those they are building a lead out of.
Even contracts and agreements are changing
In any business, the number of contracts and agreements, official and non-official, can be a lot to handle. Document management tools aim to make it easier to track every contract in every step. However, software like DocTailor is implementing blockchain to help users build and retool legal agreements and smart contracts that can automatically execute themselves on built-in triggers, such as a payment instantly triggering the delivery of a software update.
From a much more open market with fewer transaction fees to smarter, more connected advertising, it’s hard to tell what the true impact of crypto could be. However, the market continues to grow exponentially, so there’s no doubt that both crypto and blockchain are here to stay.