Why should even a small coffee house consider using blockchain?
Blockchain offers many utilities, from payments and supply chains to smart contracts.
Almost every business uses some form of electronic payment, from internet banking to VISA card payment terminals to coupons for your next purchase. Often with some kind of discount or rewards program for loyal customers. In most cases, these businesses are financed by a bank-related service or product, for example, a loan. A loan from a bank, often with strict terms that some companies may not be able to honor. Sometimes due to no fault of their own, it could be the local economy or the global economy, perhaps even a local or global pandemic (as we saw with Covid19), as well as a host of other reasons. These financial burdens often end up restricting business growth; instead of focusing on what they are good at, businesses go into survival mode just so that they can try to honor their agreement with the bank.
Imagine if financial products and services, like loans, could be moved into a single system, one that does not require any middlemen or intermediaries, like banks. Only fair, low-interest agreements between a business owner and an investor, a group of investors or even a batch of retail investors. The retail investors could even include some of the business’s existing customers. This can easily be achieved with blockchain technology, tokenization and decentralized finance.
If this is the case, then why doesn’t everybody use it? The problem is often implementing this into an existing business can be costly and resource intensive. Implementing Blockchain into an existing business is complex and can also be restrictive. This is not something existing companies or startups really want to deal with… They often choose to take the path of least resistance and end up implementing a traditional centralised system even if they know about blockchain technology.
That is why BusyXchain brings to the market an easy-to-use wallet that can help business owners operate their own token-based businesses and even create their own blockchain assets (X20, NFT, GAME). Your favourite coffee shop can simply run a tokenised coffeehouse without any advanced skills at all. Why should your favourite coffeehouse use Blockchain or even have your own token?
The answer is simple. Say goodbye to the restraints of the current centralised financial system, a system that often compels them to be unfair. They can create their economy consisting of supplies, payment processing, discount vouchers, or rewards programs for loyal customers.
Sure, It is a long way to go, but it could easily start with your favourite coffeehouse.