The world is recovering from the COVID-19 pandemic, while some countries are gearing up for a possible second wave, but economic downturns are inevitable in many areas. This sparked debate about the current paradigm in a critically-based society that is said to be out of date long before the crisis hit the world. Undoubtedly, the corona virus has accelerated the transition to digital money and the spread of cryptocurrency around the world.
The tradition of using fiat currencies was to become obsolete, and cash as a financial instrument became a relic of the past. While the power of the new digital e-commerce needs a better foundation, stable currencies can be the definition of a new type of asset in the new world of cryptocurrencies.
Mobile attack in the global corporate market
Although the advent of mobile technology has contributed significantly to the growing popularity of the Internet over the past five years, the e-commerce sector has benefited greatly from this trend and has developed rapidly thanks to the growing demand for online shopping. As global companies such as Google, Samsung, and Apple have simplified smart phone payment methods, mobile commerce has begun to grow faster than all other e-commerce industries combined.
Since 2015, the role of mobile applications in e-commerce has been growing steadily. As Statista statistics show: “By 2020, US mobile phone retail sales are expected to reach $ 339.03 billion.”
Many shopping apps have redefined the way people make purchases, and most sales will undoubtedly be made using a mobile application: it’s just more convenient to order the application than spend time researching the store.
Saving technology for sellers and others
Blockchain technology may not be final processing, but it has potential cases and uses it to help the e-commerce sector take the development curve to a new level.
Recently, one of the world’s largest e-commerce brands, Amazon has filed a patent for a new DLT-based system that tracks products in its supply chain.
Blockchain’s ability to measure self-confidence and build a new type of business relationship based on this principle will undoubtedly improve the performance of enterprise service platforms. The DLT-based tracking solution is designed to optimize supply chains from production to visual end-user situations. In addition, this model can benefit market participants such as manufacturers, applications, distributors, and end users.
When it comes to e-commerce, the tremendous popularity of cryptocurrencies in recent years affects not only how people trade, but also the financial instruments that they choose. With more user-friendly interfaces encrypted by ATMs around the world and institutions appearing on the scene, it is only a matter of time before we get widespread acceptance.
The growing role of stable cryptocurrencies
While online technology has helped communities change their buying habits, DLT provides much-needed updates in the acquisition, transfer, and business settlement sectors. For a very long time, the current economic system carried a burden leading to inefficiency due to the constant participation of brokers. Will distributed technology and smart contracts ever replace the traditional economic system? Of course – but it will take some time.
The ideal payment method has not yet been determined, as it is still popular for paying for goods and services that use cash and credit cards. However, cryptocurrency is the next big thing to be used around the world as the newest payment method in the 21st century. All we need is an assessment of the relevant digital assets that can be widely used by people in e-commerce. Among the more than 5,000 existing levels of cryptocurrency, bitcoins (BTC) and ethers (ETH) are always different from the crowd, making them one of the first to begin a new era of payment methods. However, these assets cannot be considered a measure of value because of their constant volatility.
Stable currencies created to use all of the methods of digital decentralization worked to overcome the shortage of banknotes and shortcomings in modern economic systems; Some have been linked to dollars or euros to ease swings in traditional cryptocurrencies. Most of these projects have failed over time, because choosing an underlying asset is a difficult task. Meanwhile, despite the ongoing COVID-19 epidemic and the volatile global economic landscape, the successful business of private companies continues.
The introduction of cryptocurrency in business projects provides many advantages. For example, transaction fees and refunds can help companies save money.