Compared to the past, the world is more interconnected today.
The popularity of e-commerce platforms and digital marketing has given consumers enhanced options to buy products, thus altering the face of our economy.
However, the traditional payment methods in place that use money have caused problems in the flow of global trade.
Sometimes it is inefficient and full of exorbitant fees.
Good thing that today’s tech enhancements have improved how funds are transferred, thus, positively affecting how goods are shipped globally. Aside from that, we now have access to virtual marketplaces and offshore back office solutions.
But, truth be told, with all these enhancements, most of us are still trapped in the age of credit cards and cash transactions.
How Will Bitcoin Fare in the World of Transport, Freight and Logistics?
Based on analysis by financial experts, Bitcoin and other Cryptocurrency may be the solution to payment problems for the logistics and payments industry, making cross-border trade a reality.
As far back as 2015, one of the biggest players in the scene, UPS, has been toying with this notion so we can say that the future is bright for this one.
No More Boundaries
Whenever I travel to a different country, I find converting to other currencies a real problem.
Bitcoin may be the answer to our search for a global currency, which will open the door to global transactions.
Cryptocurrency Opens More Doors for Global Trade
For trade to flourish in the digital world, the transfer of good and funds must be really smooth. Cryptocurrency may soon allow consumers and businesses to join this digital transformation.
This shift will also help introduce and help the third world developing countries in participating in the global economy.
Huge populations in these countries will get better chances to access technology and capital, so they can exchange products and services.
The mobile payment industry is now providing millions of people a way to experience a formal financial system, which encourages them to explore legitimate ways of doing business, thus, thwarting crime.
From our point of view, the global prime mover is that trade can be done openly between businesses and consumers.
In short, no matter where products are coming from, logistics and freight providers can now offer transportation solutions to ensure the faster delivery of goods. What we need now are better regulations to make things legal, and therefore, more socially acceptable.
Cryptocurrency seems like the next stage of the evolution, one that could enhance the face of trade.
Usually, the technological advancements that last are the ones that make things easier and more convenient for the end users and Bitcoin, which may be around for a long time.
The volatility of Cryptos, Bitcoin particularly, may lead a flock of financial analysts to foresee a bubble burst. But keep in mind, the same occurred in the early days the “dot com” craze, which ended up in the short term bankruptcies of a lot of small players. But look at e-commerce today. After that “burst,” it has taken off and is still rapidly growing.
The question is: What about Cryptocurrency?