It is no secret that the world has been steadily becoming more digitally focused over the years. This is especially true of the last ten years or so, when digitised movements began to become mainstream rather than the niche they were always considered to be. Over time, it became increasingly obvious that digitalisation and technological innovation were not only aimed at making life easier and more efficient, but were genuinely achieving their goal. Now, we live in a world that is becoming more and more populated by millennials entering adulthood, and they are driving the digital age forward in new and exciting ways. One of these ways is by backing the controversial digital currency movement (i.e. cryptocurrency). Millennials are all about making life easier, more efficient, and more reliable on all fronts, and those ideals extend to all aspects of their lives. One unexpected industry that could very well feel the keen sting of cryptocurrency disruption sooner rather than later is the dining and food industry.
The reason that crypto is having such a strong surge in attention and popularity lately, is because millennials – the youngest generation to enter adulthood at this point – are the first generation to have grown up positively surrounded by feats of digitalisation and technological advancement, and they expect that same convenience and efficiency they have come to be so familiar with, in all aspects of their life. Because millennials are so busy (along with the rest of the modern world, to be fair), they do not want to be spending more time than absolutely necessary waiting around for things like finances to be moved around. A digital innovation like the rise of cryptocurrency across industries like dining and food, for example, would make an everyday experience like eating out or ordering in for individuals much easier and faster. Considering how busy the modern individual is in their daily life, an innovation like cryptocurrency being rolled out on a worldwide scale could change things for the better.
The power, the inherent benefit, of cryptocurrency, is that it effectively takes out the middleman (i.e. the third party holders, like banks), making transactions faster and more reliable than ever. Instead of having to wait for the bank to approve any transaction that goes through its system, people could easily send and receive payments within seconds. It is an innovation that has spurred on a new frontier in bank operations, with many banks making inter-bank transactions immediate, but all the same, the benefit to opting towards cryptocurrency is obvious: with no middle man, there are no additional fees, and no costs to take away and portion, big or small, of an individual’s income. The person with the crypto account will be the only person who has access to it, and because cryptocurrency is sent through a back-to-back encrypted virtual mainframe, it is secure and private as well (obvious benefits in an increasingly vulnerable digital world).
Cryptocurrency would make payments and other transactions far quicker and more efficient for restaurants and cafes, catering companies, bakeries, and the like to move around their finances and keep track of them. It would also inevitably crate a virtual record of all food-based transactions, making it easier to budget or generally keep track of their financial standing. At the end of the day, taking transactions crypto in the dining and food industry would make the entire financial operation of any food establishment or sourcing company much faster, enabling it to double down and operate faster, making customers happier and more secure in their spending in the dining and food industry, and the establishments in question more secure in their financial positions and their approach to handling it all. Cryptocurrency has the power to change the world of dining and food, and if millennials have anything to do with it, it will in the near future.
Digitalisation and technological advancement have been having a substantial impact on the modern world for years now, but never has digitalisation had such a global impact, and on such an exceedingly rapid scale. Millennials entering the workforce have definitively had an active hand in the rising rate of digitalisation and technological influence. With innovations like the remote workplace and cryptocurrency rising in appeal and value, this is likely just the beginning of the new digitally-reliant era we have been gravitating towards. In the case of cryptocurrency, while it is still a controversial front in the field of finance, it is likely to evolve to become one of the main financial systems used around the world, even being used to pay for food or tip hard working wait staff in cafes and restaurants. Cryptocurrency is powerful, even now in its youth, and it is more than likely to continue its reign of success in the digital age. This is not the last we have heard of crypto disrupting the dining and food industry (among others); in fact, this is only the beginning.