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Are Industry-Specific Cryptocurrencies the Way of the Future?

Industry-specific cryptocurrency is a relatively new trend in the crypto world, but it’s gaining popularity fast, and it looks like it might be a viable answer to a large number of problem currently faced by people operating in this field. Stablecoins have cropped up as a solution to the volatility commonly encountered in this area, and we’ve seen many approaches to this idea – but the recently revealed platform by Element Zero seems to be among the best so far.

How It Works

The platform allows various kinds of entities – from individuals to business organizations – to set up their own cryptocurrency specific for their own relevant industry, skipping all the hassle commonly associated with bringing a new cryptocurrency from the ground up. The platform allows users to customize various parameters of the currencies they’re creating, allowing them to ensure that they will meet the individual, unique needs of their own industries as best as possible.

Preparing the Industry for Tomorrow

This can have many implications on a number of industries. Fishing has been brought up as an example on several occasions, pointing out how fishermen have to go through various hoops in order to get paid. This can be avoided altogether with the use of a dedicated currency designed around the problems of the industry.

When that currency has been developed from the ground up with some of these issues in mind, it can also be tweaked in ways that can allow it to serve the needs of that industry more adequately as it evolves. This is important, as stablecoins tend to have the issue of being too static in some cases.

industry specific cryptocurrency

Eliminating the Need for Middlemen

Which brings us to the most important point about the Element Zero stablecoin platform. It’s a convenient way for service and goods providers to eliminate the middleman altogether when performing their regular transactions. This is more important than some might realize, because it can allow people in these positions to have much more bargaining power in negotiating the rates for their services.

Coming back to the above example with fishermen, it can completely resolve some problems that people in this industry have had to deal with for a while now, and can promote growth and stability in many of its sectors. However, for that to happen, a larger portion of the industry needs to be on board with the solution in the first place.

And it looks like this is happening already. Slowly but steadily, stablecoins and similar solutions have been taking over many industries, putting people in significantly better positions than they could have created for themselves previously. Hopefully this trend will continue, as we’re already seeing strong indicators that stablecoins are the way of the future, at least as far as certain specific industries are concerned. Not everyone seems to agree with that, but every major change in history has been met with opposition initially. This is especially true for the financial sector, which seems to be more reluctant to accepting certain types of changes than other industries.

 

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This post is from a series of posts in the group:

Payments strategies 2015-2020-2030

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