What does KFC have to do with the cryptocurrency market? You may be surprised at the answer. Recently, Kentucky Fried Chicken in the Middle East and North Africa regions of the world have surprised investors with changes. They have adopted a blockchain platform method to support their digital media such as advertising and purchasing. This move is the first from a Quick-Service restaurant in the MESA region, and KFC is capitalizing on it.
How Will a Blockchain Platform Help KFC?
KFC has high hopes for enlisting in a blockchain platform with its professional digital media requirements. The validity of digital advertising can be ambiguous, and conflict of interest is a necessary concern for many companies. By procuring a blockchain platform, KFC aims to increase its brand name and visibility, giving transparency to its digital media. Online advertising is a significant portion of business transactions, so using blockchain networks is a natural progression to move towards.
Blockchains are active databases that have real-time information for companies like KFC to base future business decisions upon. Having this current information readily available makes the decision-making process simpler and essentially streamlining its digital advertising methods. With efficient business tools like blockchain platforms, companies can reduce overall costs and move funds where they are most needed.
The Food Industry and Cryptocurrency
The Pizza Guys aren’t the only ones who have dabbled in purchases of food with cryptocurrency. Back in late 2018, KFC in Venezuela adopted the practice of accepting Dash cryptocurrency as payment for services. In doing this, Kentucky Fried Chicken joined the ranks of others in the food industry, including Subway and Papa John’s. One can only speculate how soon more companies will get involved in dealing with the crypto market for purchases.
Walmart China has also explored the benefits of blockchain technology for enhanced workplace uses. Announced in mid-2019, this retail giant revealed they would utilize blockchain networks to track its inventory. Blockchain technology will help cater to the buying habits of the consumers and helping them with ethical purchases. Blockchain technology has been used for food and farming for some time now, and Walmart China is following suit.
The Many Uses for Blockchain
The blockchain network platform is not just for cryptocurrency tokens anymore, and KFC has proved that. A simple internet search will give you a host of ways that blockchain technology has cornered the world. Some of these industry niches include:
- Fast food
- Digital advertising and media
- Tourism and travel
- Financial services
- Pharmaceutical services
- Shipping and receiving
- Public works management
- Real estate industry
- Automotive industry
With such versatility, a product like a blockchain technology is one of the most sought-after digital advances around the world today. If you think that blockchain networks are just for the cryptocurrency world, you can’t be more wrong. There is no end to how this platform can change business processes and streamline everyday tasks. Business efficiency is key for today’s competing companies, and blockchain technology can help them achieve this.