Preparing your Business for the Digital Currency Era

With the rise of digital currencies such as Bitcoin, Ethereum and Ripple, businesses need to adapt to these changes in order to stay afloat.


Ramzi Chamat / 8 Ways Media
2019-12-11 10:21:00

So many major societal transformations are taking place with increasing frequency. Innovations are disrupting almost every single industry, from how we hail taxis to how we book hotel rooms.

Our world is changing dramatically and at the heart of this transformation is how business is done in the new economy of digital currency. With the rise of digital currencies such as Bitcoin, Ethereum and Ripple, businesses need to adapt in order to stay afloat.

The evolution of digital currency

Innovators and disruptors of the tech world capitalised on 2008’s global economic crisis to leave their mark forevermore. Digital currency pioneers utilised advancements of cloud computing technologies, turning to the internet to build a stable, viable and invisible currency: Bitcoin.

11 years later, and countless organisations are now embracing the power of blockchain technology, on which bitcoin was built. Here’s how to prepare your organisation for this new system:

How to prepare your business for the digital currency era

Start by educating yourself on the mechanisms behind these changes. What are the latest trends and developments? How can you think more strategically in terms of these changes? For example, what are the early adopters of digital currency doing and how are they implementing these changes into their own business models?

As you continue with your research, you will likely need to ask yourself how financial technology (aka FinTech) can help your business to embrace digital currency transactions.

Once you are ready to adopt FinTech, you will need to think about making changes to many aspects of your business’ transactions structure, including how you are getting paid via e-wallets, and how your accounting department is processing them.

Also, consider the implications of FinTech law, which is incredibly specialised and continually evolving. It’s essential to consult a technology lawyer before you make any big decisions, as conducting business at this level can be a potential minefield.

Ultimately, your goal is to gain a full understanding of developments in the digital currency world. This will help you to potentially adopt it as a means of doing business, while identifying how your business can start planning for the future.

close up of a Bitcoin

Stakeholders and clients

As you conduct your research, it’s vital to remember that there are organisations across the globe incorporating FinTech and Blockchain technologies into their strategic development. These digital strategies are becoming central to how they can stay competitive, and you will need to do the same.

As such, you will need to identify how your business model will be affected as a result of these changes, especially with regards to external stakeholders and clients.

For instance, if you implement FinTech solutions, will this facilitate or hinder the business that you do with them? Will the supply chain be streamlined? Will it help to achieve economies of scale?

It’s vital that you consider how to implement FinTech if you want to conduct transactions with digital currencies. One good place to start is by asking your existing external stakeholders if their clients would welcome the option of paying in digital currency.

You should also examine the full extent of how digital currency will help to expand your business. This of course will largely depend on the market you are operating in and on the relationship you have with your stakeholders, but all of these elements will influence the overall process.

Finally, you need to ensure that your clients have the option to send and receive payments through digital currency, while all transactions must also be executed with optimal security.

Preparing your business for the new digital economy begins with accepting that change is an inevitable part of business – and life. Looking to the future, businesses will definitely need to accept the existence of digital currencies and consider embracing them if they want to succeed.

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