Connect with us

Hi, what are you looking for?

CryptoCurrencies

F&B and Blockchain — Can Crypto Give Restaurants a Boost?

Can-Crypto-Give-Restaurants-the-Boost-They-Need
  • Blockchain-based food delivery platform Bistroo launched to solve industry gaps.
  • Restaurant owners can address high commissions and speed issues through blockchain-based solutions.

High commissions, consumer data access, and increasing dependency on third parties are some of the issues that plague the modern-day food and beverage business. This dynamic has been around ever since food delivery platforms came about. While we can’t deny that third-party food delivery platforms have certain benefits, they do have their fair share of flaws that restaurants take losses for.

There are two major things that restaurant owners account for — money and speed. Restaurants always need to worry about their capital and growth. This is why the speed of cash flow turnaround is a huge factor when it comes to maintaining the business. However, according to restaurant owners, card payments to delivery platforms take up to 30 days to process and are subject to high fees. At times, owners feel the need to take out loans that set them back further just so they can sustain their business.

These issues were especially highlighted during the COVID-19 pandemic. Restaurants had to struggle to maintain profits while facing additional issues brought about by safety concerns and increasing costs. As these issues continue to haunt restaurant owners, the advent of solutions brought about by blockchain innovations was inevitable.

Powered by blockchain technology and cryptocurrency, a project called Bistroo launched a direct-to-consumer marketplace for meals, food, and beverages.

According to the team,

The platform is created and optimized to deliver liquidity, facilitate payments, and create loan structures for businesses.

With blockchain, the Bistro platform addresses high commission issues by enabling lower fees. At the same time, the platform connects consumers directly to the restaurants. Lastly, payments are received instantly instead of waiting for up to 30 days.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Technology

At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos.

Technology

Isn’t apple phones the ever-favorite? Apple comes with new updates and new releases every year. And, here is another speculation about apple’s foldable iPhone....

News

The Beginning After the End is a webcomic written by Turtle Me and illustrated by Fuyuki23.  The comic is an adaptation of the novel...

Technology

Facebook will soon begin testing ads inside its Oculus Quest virtual reality system. In the coming weeks, ads will start appearing inside the Resolution...