Bitcoin and blockchain technology has been widely reported on in the past few years. As blockchain technology continues to evolve and becoming more and more mainstream and widely accepted, we can only anticipate it changing the entire way we conduct business. Knowing how it is going to end up changing things can only be understood once you understand the technology itself. Below, we will be discussing what blockchain technology is and how Bitcoin might change the way we end up doing business in the future.

What Is Blockchain Technology?

A blockchain is essentially an electronically delivered list of records in the form of a ledger. It is decentralized which offers immediate and real-time access and it is fully transparent as the assets are distributed instead of transferred or copied.

What Is Bitcoin?

Bitcoin utilizes this type of technology to enable payments to be sent directly between users without having to pass through any centralized payment gateway or bank [1].

Now that you have a better understanding of what the technology behind Bitcoin is, we can go into detail on how it is likely to disrupt the way we normally conduct business.

Ways It Can Change How We Conduct Business:

1. Instant

Bitcoin is quickly gaining steam in the marketplace. One of the things that Bitcoin has going for it is the fact that it offers instant results. Rather than having to wait days or even weeks for a payment to process, Bitcoin offers instant transactions. This is changing everything about the logistical chain because retailers typically have to wait for payments to process prior to shipping out goods. With Bitcoin, the payment is immediate which can reduce the amount of time for processing to zero. This alone can change the way we complete transactions because retailers will be able to make their logistics even quicker and more efficient as they won’t have that gap in between the moment a customer places an order and when they ship out the order. This is changing the way consumers want to shop because we as a society demand instant gratification in virtually everything we do.

2. Global Business Made Easier

Another significant way it is going to change the way we do business is by breaking down the problems with conducting global business. The fact is, a lot of countries simply do not have the financial structure in place to conduct a lot of business overseas. With this type of technology, global business is made as simple as paying for a good or service without worrying about transferring anything nor getting local currency. Because Bitcoin operates on a peer to peer basis, it allows payments to reach the intended destination easily without worry about the safety of the payment or anything going wrong. As we become a more global society, this is expected to be one of the driving forces for the fast adoption of blockchain technology like Bitcoin.

3. Eliminate Fees

There are traditionally a lot of fees associated with paying with credit cards or even paying with different merchants abroad. Bitcoin is a peer to peer service which means using Bitcoin to pay for goods and services won’t force retailers to pay for the commonly associated fees with credit card merchants like interchange fees [2]. There are all kinds of different things a credit card purchase has to go through to reach its final destination. As a result, to keep these channels operational, fees are charged to the retailer. Something like Bitcoin can completely flip this model upside down because the actual service is peer to peer which means it won’t require the retailer to pay any fees to receive the payment. This alone is big enough to alter the way smaller sized businesses think about Bitcoin and the kind of impact it can have on their business.

Overall, Bitcoin has the opportunity to completely flip how we conduct business upside down. It can benefit both retailers and consumers alike with widespread adoption.

References:

[1] https://www.coindesk.com/learn/bitcoin-101/what-is-bitcoin

[2] https://www.creditcards.com/credit-card-news/glossary/term-interchange-fee.php

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It’s no secret that the U.S. is currently in crisis mode. By the end of March job losses in the United States had exceeded 700,000. More than 6.64 million Americans applied for unemployment benefits during the week ending March 28 – this is the highest number for a single month in history and every week in March saw the record being broken again and again. The trajectory for unemployment claims is edging ever upward.

The unprecedented regulations governing shutdowns, self-isolation and lockdown have led to bars, restaurants and other service providers to shutting their doors. As the lockdown continues in cities such as New York the pace of layoffs accelerates. There are businesses that simply will not be around when people finally emerge from their homes.

International service providers have been in the headlines as well with a large amount of focus on airlines, auto manufacturers, cruise companies and other leisure orientated businesses under immense pressure. The stimulus package unveiled by the United States government will undoubtably help – but there are grave doubts whether these industries will emerge unscathed. And the ripple effects may reach further than many people think.

The grounding of airliners means that car hire companies are effectively dead in the water. Car hire companies need to dispose of aging assets on the used car market – and that market is suffering. Inevitably this is going to lead to used car prices plummeting. Due to a glut of new stock.

The problem is not only that auto usage is effectively banned in many countries due to the lockdown, even once the Coronavirus is brought under control (and there are doubts that this will become a reality in the medium and even long term) it is unlikely that crowds will gather in showrooms and used car lots. Steel manufacturers will be affected due to decreased demand for product used by the auto industry in the manufacture of new vehicles. The human psychology of fear is powerful.

Ironically the plummeting sales of used cars come at a time when the price of fuel is heading towards record lows.

But the ripple effects do not stop at the lot. In house finance providers will be feeling the pinch as well – as will other loan providers. Fear of fiscal strain due to ongoing business failures and the attendant job losses is making consumers think twice about the purchase of big-ticket items.

The ripple effects continue – manufacturers of smart televisions will be feeling the effects of the Coronavirus for years due to closely monitored household expenditure – although they many be spared the worse due to the fact that home entertainment may be a growing sector.

So, what is the way forward?

Taking the auto industry as an example there can be no doubt that survival will depend on a pivot towards online business models. The lockdown has forced many consumers online in order to access services and products – and many have discovered that online purchasing offers better value and a more convenient experience.

It is unlikely that the traditional auto showrooms and expansive used car lots will remain in a post-Coronavirus world.

The move towards online business models will reward those businesses that are able to pivot to this sort of strategy. Those that do not will find themselves at a competitive disadvantage.

The Coronavirus has changed the world. It has changed the way we communicate and it has changed how business will be conducted in the future.

For many businesses it may be too late, for others the pivot towards online business models may present an opportunity. However, it is very much a case of Carpe diem, seize the day. Those businesses who are hoping to ride out the storm without immediately beginning to formulate an online strategy will have their lunch eaten by those who will hit the ground running when the pandemic begins to be brought under control and lockdown is lifted.

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