How will cryptocurrency affect business development?

On January 16, the New York Times published an article entitled “Beyond the Bitcoin Bubble.” The essence of the article can be summed up in one sentence: “Bitcoin may end up being a hindrance to the development of blockchain technology.”

As new digital currencies expand their capabilities, customers and businesses are changing the types of interactions and how they can be rewarded for those interactions. In the past, the customer-company relationship was simple - customers often chose the better deal, and companies advertised their products to increase the likelihood that the consumer would choose their product.

To enhance advertising campaigns, businesses began using loyalty programs and discount cards that reward customers for using the services of a given company. This was once a fairly new idea, but these days it feels more like an annoying obstacle that must be passed before the visitor is allowed to exit. Cryptocurrencies have the potential to change the way companies can interact with customers. More specifically, this will impact how companies can reward their customers for using their services and products. 

Product/service information as required by the client

Nowadays, everyone knows about targeted advertising. Companies track the various websites we visit and generate advertisements based on the information they receive. That's why those annoying boot ads haunt you on every page. However, a platform like Shipping makes this process more personal and modern. Shipping will bring all the convenience of online shopping - from customer reviews to product information - to physical stores. Since there are still many people buying goods from brick-and-mortar stores, the platform will help improve their service levels. Some brands are also participating in this project. When scanning an item, the customer will be able to watch an advertisement and will be rewarded with some Shiping tokens.

Disable Targeted Advertising

Basic Attention Token (BAT) and Brave browser combat targeted advertising and have even been able to eliminate it.

The Brave browser has a built-in feature to disable all advertising and tracking services, however, users can support content or sites they like with the BAT token. This new concept attracted over a million people in its first year, and it will be interesting to see how it impacts Internet funding methods in the future...

Customer Loyalty Program

It's still the same idea of ​​interaction between a company and a customer as it was decades ago, but blockchain technology brings significant changes to it. According to research firm Deloitte, “Customer loyalty programs are not achieving their full potential due to low redemption rates, time delays and high costs.” These problems can be solved using blockchain technology. According to CNN, Chanticleer Holdings, owner of several burger chains and a famous restaurant chain, will use a blockchain-based loyalty program to reward loyal customers. Customers will be able to “use cryptocurrency for future purchases at the restaurant chain or exchange it with other people.” 

At the end of the day, loyalty points on a card are good, but valuable cryptocurrency is even better.