No Crypto Winter Can Dampen a Believer’s Faith
Despite its use across industries, some analysts, investors, and companies remain apprehensive of cryptocurrencies. And the current crypto slump? Not helping. But the more steadfast crypto believers know that the crypto winter is a temporary setback. Like every other financial instrument that has experienced a downturn, cryptocurrencies will recover. Who knows? When it springs right back, it might even be more robust than before the market plummeted.
But even as the crypto sector gasps for air, the Middle East and North Africa (MENA) integrate cryptocurrencies into businesses. An article published by The Tribune cited blockchain researcher Chainanalysis, saying that MENA has seen a 48% increase in crypto volume in June 2022. Chainanalysis’ study also revealed that the growth of crypto adoption in North America climbed 36%. While a small crypto market, MENA’s activities are worth the discussion.
Meanwhile, Coindesk reports that Southeast Asia leads in wider crypto adoption. The crypto news outlet cites Play-to-Earn games as the main driver of the activity. Citing a 2021 poll by Statista, the report says that Vietnam ranks first among the countries that have shown enthusiasm and adoption. The country displays high purchasing power with a population that understands Defi and P2P tools. The poll revealed that 21% of Vietnamese citizens own cryptocurrencies. The Philippines sits in second place with 20%. Both countries display an energetic integration of P2E gaming and remittances that propels the status of cryptocurrencies as the impetus for notable economic growth.
Coindesk points out that Southeast Asian countries such as Vietnam, The Philippines, India, and Thailand are what the World Bank considers lower middle-income countries. They are also the ones with weak national currencies. As the matter stands, cryptocurrencies have flourished in these countries, helping the national economy afloat.
Diversity In Technology and Company Culture Motivates Business Growth
Apart from these Southeast Asian regions, companies across the globe are already integrating cryptocurrencies into their transactions. When companies diversify the technologies they use, they boost their growth potential.
The adoption of various technologies to automate roles and functions in a company serves to maximize the individual capacities of its human resources.
Automation through technologies increases the company’s productivity rates. For instance, the Spartanburg factory of luxury car producer BMW enlists the help of robot assistants to install sound and moisture insulation in their doors. This alleviated the burden on their workers who were given other tasks that require human intellect and agency.
BMW reported an increase of 50% in productivity, all while keeping the employees who used to undertake the fitting.
A simpler example is the automation of social media posting. Today’s companies have learned that leveraging social media platforms for marketing renders notable results. When done with a sharp strategy, companies can gather leads, convert them into paying customers, and increase customer success.
Automating posts provides marketers more time to develop strong strategies to reach their companies’ target audience.
The integration of cryptocurrencies in company transactions allows stringent verification processes to be handled in the blockchain. For example, if a business works with other businesses and chooses to make payments through the digital asset, recording the transaction and verifying its validity would be done automatically through the blockchain.
The method would be highly democratic with all pertinent parties in management given the ability to perform verification. Through the process, all stakeholders are informed of the details of a deal or service.
Another aspect of this push for diversity is the cultural diversity of those working in present-day business setups. When a company consciously builds a structure enriched with a culturally-diverse workforce, it will enrich the employee experience.
An understanding of cultures inside the company’s own culture, allows people of different backgrounds to integrate new methods and solutions for the company’s challenges.
A diverse technology and company culture allow the organization to thrive. If the company values its human resources, the integration of various technologies in its operations does not endanger its employees’ jobs. It can and should enrich their human resources so they can take on more productive and intelligent tasks and assume leadership posts in the long run.
When employees are given a chance to grow, they can achieve job satisfaction. Should this happen, they would actively involve themselves in driving growth for the company they work for.
3 Ways Businesses Can Integrate Cryptocurrencies Into Their Operations
The wide crypto adoption in Asia is evidence of the potential of cryptocurrencies. Here are three ways businesses can integrate crypto into their operations.
1. Establish Exclusive Ownership
Through blockchain technology, a single party becomes the one and true owner of the corresponding public and private keys. This exclusive ownership secures it from malicious actors or individuals who are not part of the transaction. As this is the case, the keys that contain the cryptocurrency network identity or address can only be accessed when the owner delegates wallet management to a third-party provider.
Traditional banking set-ups are risky as they turn over the stewardship of their funds to a third party. Because of this, their accounts can easily be closed without being informed prior.
Because of the Terms and Conditions, it might prove difficult for them to return to the system, let alone recover their lost funds.
2. Expedite Payments
By making B2B payments through cryptocurrencies, the transactions will be faster than traditional payment methods. While several people are privy to the details of these transactions, only the relevant parties will be involved in processing. On top of that, the fees are lessened.
3. Prevention of Fraud
The common practices for B2B payments include credit cards, money orders, checks, bank transfers, or cash. B2B transactions are mostly regulated by governments and involve several intermediaries. This opens them to incidents of fraud.
However, when businesses opt for cryptocurrency transactions, their transactions are assured of greater security.
Because cryptocurrency transactions do not require the intervention of central banks or any financial institutions, the processes are direct, safer, and more reliable. The process is highly transparent as the record of the transaction is distributed across all nodes in the blockchain. Using cryptocurrencies for B2B payments eases common challenges and prevents incidents that invigorate fraudulent activities.
The wide adoption of cryptocurrencies is a change that more companies should look into embracing. Not only will the use of the digital instrument serve to widen the space for transactions, but it will also enrich the employees’ and stakeholders’ technological know-how. Solidifying transactions with cryptocurrencies allows greater transparency and democracy in making crucial business decisions. This is a change that everyone could get on board with.