Crypto Adoption on the rise in Major Industries
We read a lot about how cryptocurrency and blockchain technology will radically transform major industries in the not too distant future, but what about now? There are in fact, many key organisations, industries and brands that have already adopted the cryptocurrency revolution! Below are a few examples of those that have embraced the crypto world to help solve business problems and enhance their consumer experience.
Bitcoin for Charity
In recent years charities have seen a significant fall in donations and a lack of trust due to frequent reports about the misuse of funds. A recent report showed that in 2017 charity donations in the US were down 11% in the past 7 years, while the 2017 CAF World Giving Index reported that the UK fell out of the ‘top 10 most generous countries in the world’ list.
Recognising the need to improve their public image charities such as Breast Cancer Support, Save the Children and The Water Project have started to accept donations via cryptocurrency. This allows these charities to reach a larger international audience and helps to appeal to younger donors by making it as easy as possible to donate. Accepting donations in cryptocurrency provides peace of mind to the donors that part of their donations are not being spent on timely transaction fees. Earlier this year it was reported that donors contributed nearly $70 million in cryptocurrency to their favourite charity — Bitcoin giving is on the rise!
Crypto Restores trust in Entertainment
The entertainment industry is one of the most profitable industries in the world . As an industry where a high percentage of their target market are millennials, the adoption of the cryptoverse is vital to the continued success of this space.
This is something that production and distribution studio Lionsgate, famous for bringing the likes of Hunger Games and Twilight to the big screen recognised back in 2015, when they integrated cryptocurrency into their online payment system. Although they have not yet made it possible to purchase cinema tickets to movie premieres via crypto, the company did offer a 25% discount on a selection of TV box sets and movies to those choosing to pay via crypto at the launch of the crypto initiative.
One company that is offering the option of paying for cinema tickets via crypto is Thailand’s major cinema chain, Major Cineplex Group . Cineplex group will use Thailand’s government accepted online payment system Rapidz Pay, which uses blockchain technology to accept all payments in crypto.
Another company looking into the possibility of crypto as a payment option for tickets is Ticketmaster. Ticker fraud is a big issue around the world, one that is very difficult to combat and has resulted in the loss of trust for many online ticket sales companies. The use of decentralised technology will help to eliminate counterfeit tickets, will help to restore trust and will ensure that the younger generation of music fans are able to purchase their ticket with ease, peace of mind and higher security.
Accepting cryptocurrency as a payment option offers greater choice and accessibility to the next generation of online customers and marks an acceptance of cryptocurrency within the entertainment industry, which is a huge accomplishment!
Crypto for the Greater good in Retail
Recognising that cryptocurrency payments are the future for global trade, renowned vegan cosmetic skincare giant Lush now accepts online payments in Bition. This allows customers around the globe to pay the same price for their products without incurring currency fluctuations and transaction fees. Lush is committed to ethical practice and as part of their digital currency initiative, they also plan to develop new ways of working with charity groups across the world and are exploring blockchain technology possibilities for building an ethical viewpoint — we are looking forward to reading more about this!
Another renowned company that has seen the crypto light is US retail giant Walmart who are in the process of developing a system that will allow customers the opportunity to manage their electricity bills with cryptocurrency — an initiative that they believe will lead to lower energy costs. Walmart is also experimenting with blockchain technology to help to eliminate the chances of contamination from produce exports by tracking all of its produce from the farm or factory to the customer. This not only emphasises it’s quality of fresh fruit and vegetables but provides a tamperless system that will be vital when it comes to identifying certain items in the case of a contamination issue.
Energy Giants Embrace Blockchain
The oil and gas industry is considered to be one of the biggest sectors in the world, one which is no stranger to technology innovations. And so, it comes as no surprise that the world’s largest energy suppliers including BP, Shell and Statoil have partnered on a new blockchain based trading platform set to be fully operational by the end of this year.
The partnership follows a number of experiments that have taken place where blockchain has been used to track energy trading and has proven that it can improve the efficiency and reliability of the trading process while reducing administrative risks and costs.
Blockchain technology will allow energy firms to redefine and improve today’s system while increasing profitability. Now that the big players have placed blockchain on the map, it is only a matter of time before we see the whole oil and gas industry adopting blockchain technology and perhaps even cryptocurrency in the not too distant future.
Cryptocurrency Whisky Investments
Whisky is one of the biggest industries in the UK, as the most traded spirit in the world it faces some big challenges, such as the issue of ‘Counterfeit whisky’, where illegitimate spirits are being bottled and sold as quality scotch around the world. This issue is not just damaging for this industry but it has potentially deadly consequences for the consumers. This has been a long-standing problem that has been difficult to overcome until the dawn of blockchain technology this is! By using blockchain technology it is possible to trace each whisky bottles journey from the distillery, to the supplier network and on to the customer, helping to ensure authenticity.
This is something that independent distillery, Ardnamurchan recognised when they became the first whisky distillery in scotland to use the technology to trace it’s bottles enabling a new era of product authentication. The trial was a huge success and the distillery are continuing to use the blockchain technology this time for the promotion of their latest Whisky in partnership with Edinburgh distiller, Fusion Whisky.
We are also starting to see cryptocurrency adoption from within the whisky sector. Earlier this year CaskCoin announced the world’s first whisky investment fund with cryptocurrency. Each purchase of a CaskCoin gives investors a share in every cask in the CaskCoin whisky collection which includes a selection of ages malts from some of the most renowned scotch whisky distillers including the Macallan, Dalmore, and Glenlivet distilleries. Essentially the more coins you invest in the more whisky you will own!
By marrying the age old tradition of distilling with the innovative revolution of cryptocurrency and investment these companies are setting an example of how a traditional industry can be taken to the next level and appeal to the digital age.
Crypto for Craft Beer
The craft beer revolution transformed one of the world’s favourite drinks, changing the way people see and drink beer. Now we can choose from tropical flavours, spicy undertones and colourful bottles, something that has proven popular with millennials as a generation who appreciate innovation, quality and variety.
In the UK alone there are over 2000 craft breweries with one of the most notable being Brewdog, which recently launched the very first cryptocurrency bar in London! The cashless bar based in Canary Wharf accepts BTC and BCT for all drinks, the price of which will depend on the price movements for that day, which is displayed on a large screen above the bar. move for a brand that’s customer base is predominantly millennials, a generation that is embracing the cryptocurrency revolution at a fast pace.
These are just a few examples of companies that have already recognised the power of the cryptocurrency revolution and blockchain technology. We are excited to see how more businesses will make use of this powerful new world in the coming months!
As a consumer, it’s important that you take the time to learn about this technology now and keep up to date with advances from within the space. If you don’t you risk being left behind!
If you would like to learn more about cryptocurrency and blockchain technology, download B21Life, our free cryptocurrency education and training app. It all starts with education!