While cryptocurrency is seeing greater use across the globe, it is evidence that attitudes towards cryptocurrency are not uniform as some people are more open to crypto while some are completely against the idea of cryptocurrency. There are several factors that contribute to this such as availability of crypto-related education, past experience and so on. With all these factors considered, it should be noted that for cryptocurrency truly become the currency of the future, there is a need for public acceptance as well as an understanding of just how beneficial blockchain is.
According to a September 25, 2019 report, 63 percent of Americans consider cryptocurrency to be valid form of transferring of money and this is according to a survey that was conducted by KPMG, a big four auditing firm.
According to Aaron Gosh, who is the blockchain leader for KPMG in the United States, there are benefits in blockchain not just for consumers but also for businesses as well.
“Tokenization […] provides inspiring new ways to classify value, either by creating new assets or reimagining traditional ones […] Businesses that take advantage of tokenization can open the door to entirely new process improvements, revenue streams and customer engagement opportunities,” he said.
Transparency, immutability and the ability to reduce friction were stated that some of the benefits for businesses with blockchain and there was also an emphasis on greater transparency for businesses. Even though only 33 percent of respondents stated that they were highly familiar with blockchain there seems to be a great deal of warmth towards the idea.
There was also an interesting link found between these the use of blockchain tokens and rewards programs as 55 percent of respondents stated that they feel that blockchain could be used to facilitate a rewards program and 81 percent stating that they would better trust a token if it was part of a loyalty program for a brand they already patronize. Needless to say, cryptocurrency can go very far if attached the vehicle of an existing and trusted business brand. Some of the businesses identified to be high loyalty were food and drinks-related, as well as telecom firms, banks and credit cards firms and electronics companies.