Crypto-Currency and its Role in Retail.
In order to know what the future holds for Retail businesses, you got to know what innovations are currently leading the market. Right now, it's Cryptocurrency.
Crypto for short, has more outreach beyond just retail innovations. It has paved the way for an entirely new stock market. Funneling a new method of eCommerce and digital deliveries like NFTs.
The big key difference between crypto and physical currencies is that they are digital currencies run on a decentralized ledger called a "blockchain". These blockchains are created entirely by computers and algorithms. Which is why "Miners" exist. (Alot of computer tech that farm these said algorithms to hopefully extract crypto.)
Another major win for crypto is that its impossible to counterfeit. Because of their complex algorithms and layers of firewall protection, not even some of the worlds skilled hackers or replication artists could recreate the currency.
Something else to look at in crypto, banks like Wells Fargo, Credit Unions like Bank of America, or even the government cannot control the cost or price value of crypto. The only denominating factor that determines those attributes would be computers and their algorithms. This could be either a flaw or an added value of interest.
When it comes to retail, this is a major setback. Why accept crypto when its value of it is determined day by day? (One-day bitcoin could be worth 20,000, but the next it could be worth virtually nothing.)
So how could a Retail chain like Walmart, Target, or Starbucks allow the use of crypto as a form of payment?
For now, retail chains could either develop their own crypto wallet or they can invest heavily into a third-party processor which would act like a bank. Either way could allow them to convert their crypto into their preferred method of currency.
This brings up not only just legal issues but also raises concerns about which currencies the establishments would use.
There are already thousands of different cryptocurrencies, all of which are fighting to be more valuable for the end user. Bitcoin has been the leading currency on the digital blockchain and it doesn't show any sign of stopping, while others like Ethereum are following suit right behind, but definitely are holding up.
So how are they supposed to know what brands of crypto to get involved with? With so many to choose from it's hard to determine which ones are gonna be effective for not just the consumer's sake but also for the companies trying to get involved.
Some final food for thought, the metaverse is playing a major role in outsourcing a lot of these crypto exchanges, with NFT's still on the rise and with no end in sight for production, the concept of them being able to create digital storefronts to sell their products in exchange for this digital currency is becoming less and less of a commodity and more of a reality.