How different industries can use bitcoin and blockchain

The need for cash has diminished with the recent emergence of Bitcoin as a robust payment system for these networks. Platforms have a powerful algorithm that performs the research for bitcoin traders and makes trading easy. Also, it has helped many beginners to get started with bitcoin trading. Furthermore, Bitcoin’s underlying technology blockchain is now being applied to industries beyond finance by companies that understand how it can help their value chains work more efficiently and seamlessly. If you are interested in trading Bitcoin, you may use a reliable trading platform like biticode

Blockchain is a distributed ledger technology (DLT) that Bitcoin first introduced. This technology provides an ideal solution for value chain finance as it ensures the validity of transactions made between a manufacturer and their suppliers and their respective banks, who act as intermediaries. Banks can digitally transfer money to a supplier’s bank account without going through the lengthy and costly process of international wire transfers.

A blockchain-based solution for value chain finance makes it possible for a manufacturer to complete a transaction directly with a supplier, significantly reducing the time it takes for these parties to complete the transaction. Instead of waiting days for banks to process payments and transfer money, a manufacturer and supplier can reconcile transactions hourly or in real time. However, the use of blockchain extends beyond the cryptocurrency industry and finance; let’s explore how blockchain and bitcoin can change different industries. 

Sports industry:

The sports industry is one of the most popular industries used by people to use blockchain. The Sports industry is highly dependent on value chain management during the production process; you can see that, for example, in a professional sport such as football, there are many transactions between professional clubs and suppliers at different locations. In this case, many transactions between amateur clubs and their suppliers are done by cash; however, only some transactions are done by users with payments like PayPal or credit cards.

Also, regarding other sports like tennis or golf, there are many related processes to be done between amateur players and their suppliers, e.g., when they buy new equipment. Blockchain can help make this process more efficient and reduce the cost for amateur and professional players to pay for their equipment.

Food industry:

The food industry is a significant part of the economy, and blockchain technology has the potential to provide an alternative value chain method that is secure. Food retailers and distributors can use blockchain to ensure a store’s products are authentic, traceable, and free from tampering. 

Consumers can also be offered similar benefits by companies while paying faster with cash, cards, or cryptocurrencies. In addition, by using blockchains, distributed ledgers, and smart contracts, food companies can track items throughout their value chain, including shipping times and temperature checks. 

Commerce:

Bitcoin can also be used by merchants and retailers in any industry that is importing goods from different countries, which involves several foreign currency payments, this merchant and retailers can use bitcoin as an option to make the payment due to low fees on bitcoin transactions. Also, in some cases, it is preferable to a credit card payment due to the small costs of credit cards, like 2%.

 For example, a merchant has to import goods from Indonesia, and they need to pay the Indonesian supplier by a bank wire transfer which usually takes one day or longer to complete the transaction. With bitcoin, sending payments internationally can take anywhere between 5 minutes to 1 hour, depending on the wallet or cryptocurrency exchange you are using.

Also, bitcoin payments do not attract additional charges in merchant accounts like credit cards. Bitcoin can also be used in person-to-person transactions online without exposing your financial information, thus changing the face of e-commerce globally.

Real estate:

With blockchain, developers and real estate professionals can create apps that allow for the secure and transparent exchange of real property data. Once complete, these apps will allow for a range of uses: i.e., home buyers can view property details such as square footage, list price, year built, or features such as a swimming pool from their smartphone; investors can get detailed information on each property they are considering to buy; while governments can use these apps to verify whether an owner is eligible to purchase property in their jurisdiction or not. 

Entertainment industry:

The entertainment industry is one of the industries where blockchain could be the best chance to make significant changes in how different transactions are possible today. For example, blockchain and smart contracts are already being adopted by other music industries, like in Sweden, where companies have adopted them to manage royalty payments.

With the help of blockchain technology, a more efficient method can be adopted by the traditional sector with payments and royalties, which will reduce costs at different levels within this industry. 

Also, in some cases, blockchain will help with the transparency between artists and their works or songs that users have used within other industries, like an advertisement or promotion of brands. For example, suppose people in a commercial have used a piece for a cryptocurrency. In that case, there is an opportunity for the artist and cryptocurrency company to get paid directly with cryptocurrency without any third party involved.