At more than 850 crytpocurrencies already in less than a decade, it is no wonder that explorations are now diverting to use of custom tokens to address the immediate needs of specific industries.
Major industries are grappling with major constraints in terms of quality and efficiency, and custom tokens could offer the ultimate solutions for specified market needs and demands.
The core principle of cryptocurrencies is decentralization, eliminating the middleman and central authorities by all means. In the principles of sales and marketing, this would translate to giving more power to the end user, the customer or the client.
Major industries like the music sector, health sector, education, agriculture, and so on, have a ton of issues to deal with, hence the establishment of specific Foundations, Companies, Welfare Groups and SACCOs, to try to pull resources and bring people together. Its important to note that the modern day service industries thrive on the premise of the feedback received from loyal customers.
Listening to trustworthy feedback from key stakeholders in an industry brings invaluable contribution that no single regulatory body or central institution can afford. And talking of feedback, many institutions have over the years tried to reach out to industry players, but that is only once in a long while.
Unfortunately, such communities do not exist for most industries, and there is therefore the lack of constant feedback. These are the very issues that custom tokens seek to address, and the best way is to ensure that the custom tokens are tailored for an entire industry, with specific tools to address specific concerns. The dynamics of every industry might be very unique, but that is for the developers to customize the tools.
Every time reviews or feedback is given on social media, whether positive or negative, it is upon the service providers and their site administrators to keep or pull down the comments, especially when they think that the reviews are extremely transparent, in a negative sense. But with a determination to uphold transparency, responsibility and accountability, reviews cannot be changed or manipulated once on the blockchain.
That is to say that market research value will go up, and players in the industry will be able to regularly access up-to-date data. Such platforms, tailored for an entire industry, will simply translate to optimal speed in service delivery, and safety in handling market research data.
To continuously build strong customer relationships, there should be an incentive structure within a custom token, where quality reviews by industry players are rewarded using the tokens.
As members fill in surveys and respond to treatment quality and market research questions, smart contracts will be used to facilitate payment of rewards using the custom tokens.
Consequently, the earnings will go a long way in making further payments in partnering institutions within the industry. In other words, members will not only earning the coins, but will also be provided with an opportunity to spend the same within the entire industry.
And because of mutual interests among community members, industries will be bound to tap and harness profound knowledge from either side. While at it, this approach will not be a preserve of persons who are already familiar with the use of cryptocurrencies, but a great extension of an olive branch to newcomers in the cryptospace, who may have never had a chance to use Bitcoins or either of the hundreds of altcoins. On the other hand, the coins earned as a reward need not necessarily be used to pay for services, because they could as well be used to buy products which are connected to specific industries.
The education industry should have a custom token that is not only open to teachers and parents but also to students, while one for the health industry should accommodate both doctors and patients, and so on. If adopted for every sector, the disruption experienced in the banking industry would trickle down to all industries around the world, connecting the global community in untold measures.
Whichever way it goes, the near or distant future will experience token compensations for passive or active participations in various industries, for the public and private sectors will no longer need to use fiat currencies. The earlier industries open up to the reality of custom tokens, the better it will be for all stakeholders.
Mariam Nishanian is a representative for Dentacoin, a virtual currency for the dental industry.
Go here to see the original:
PayThink Custom tokens are the future of cryptocurrency – PaymentsSource
- Cryptocurrency Definition | Investopedia - December 6th, 2017
- '$300m in cryptocurrency' accidentally lost forever due to bug ... - November 10th, 2017
- Amazon might want in on cryptocurrency - mashable.com - November 8th, 2017
- What is Cryptocurrency - earnlite.com - October 26th, 2017
- Cryptojacking Lets Strangers Mine Cryptocurrency With Your ... - October 21st, 2017
- Introduction to Cryptocurrency - CryptoCurrency Facts - October 14th, 2017
- Cryptocurrency Flash Crash Is Said to Draw Scrutiny From CFTC ... - October 7th, 2017
- Cryptocurrency Alternatives to Bitcoin - due.com - October 7th, 2017
- Learn BitCoin and master the world of cryptocurrency - October 7th, 2017
- Almost Every Cryptocurrency Is Tanking Right Now | Time.com - September 7th, 2017
- Cryptocurrency boom stalls as regulators focus on ICOs ... - September 7th, 2017
- Why Marketers Need to Pay Attention to Cryptocurrency -- Now - Entrepreneur - September 7th, 2017
- Opinion: That Floyd Mayweather-backed cryptocurrency is another sign of a bursting bubble - MarketWatch - September 7th, 2017
- Putin-Backed Political Group Advances 'Green' Cryptocurrency Concept - CoinDesk - September 7th, 2017
- First He Beat Up His Girlfriend, Now He's Selling Cryptocurrency With Paris Hilton - Daily Beast - September 7th, 2017
- Cryptocurrencies have already recovered from last weekend's crash ... - TechCrunch - September 7th, 2017
- Venezuela Cracks Down On Cryptocurrency Mining - CryptoCoinsNews - September 4th, 2017
- Mobius Foresees Cryptocurrency Crackdown Sparking a Rush to Gold - Bloomberg - September 4th, 2017
- The Aggregate Cryptocurrency Market Cap Is Up 810% Year to Date - Motley Fool - September 4th, 2017
- How to make upwards of $1,000 a month by mining cryptocurrency - Mashable - September 2nd, 2017
- Chinese Officials Contemplate Suspending Cryptocurrency ICOs - The Merkle - September 2nd, 2017
- Cryptocurrency Investment Course 2017: Fund your ... - Udemy - September 2nd, 2017
- Six Banking Giants Just Decided to Partner to Create a New Cryptocurrency - Futurism - September 2nd, 2017
- 7 Cryptocurrency Predictions From the Experts - fortune.com - September 2nd, 2017
- Russia Could Pass Cryptocurrency Law This Year, Senior Lawmaker Says - CoinDesk - September 2nd, 2017
- AxionV: AI Cryptocurrency Fund Leading the Way in ICO Security - HuffPost - September 2nd, 2017
- Litecoin Prices Surge Above $70 as Crypto Market Tops $175 Billion - CoinDesk - September 1st, 2017
- Dharma wants to let anyone borrow a small amount of cryptocurrency - TechCrunch - September 1st, 2017
- PR: Archain Is Building an Uncensorable Internet Archive Inside a Cryptocurrency - Bitcoin News (press release) - August 31st, 2017
- Cryptocurrency Market Just Reached Total Value of $160 Billion - Futurism - August 31st, 2017
- Another banking trojan is trying to loot your cryptocurrency wallets - The Register - August 31st, 2017
- Cointal Revolutionizes P2P Cryptocurrency Trading - CryptoCoinsNews - August 31st, 2017
- $160 Billion: Cryptocurrency Market Sets New All-Time High ... - CoinDesk - August 30th, 2017
- Central Banks Can't Ignore the Cryptocurrency Boom - Bloomberg - August 30th, 2017
- Whoppercoin is a cryptocurrency you can eat or trade - The Verge - August 30th, 2017
- Learn about cryptocurrency mining with this interactive blockchain demo - TNW - August 30th, 2017
- Good Morning, Cryptocurrency! Vietnam To Create Legal Framework For Digital Assets - ETHNews - August 26th, 2017
- Cryptocurrency mining may void warranty on Inno3D GPUs - PC Gamer - August 26th, 2017
- Russian Deputy PM Says He Supports a State-Backed Cryptocurrency - CoinDesk - August 25th, 2017
- How to Learn About Cryptocurrency In The Bitcoin Era - Daily Beast - August 25th, 2017
- Bernanke to Give Keynote Speech at October Cryptocurrency Event - Bloomberg - August 25th, 2017
- Estonia wants to launch its own government-backed cryptocurrency called 'estcoin' - CNBC - August 25th, 2017
- Aimwise to Create Standards for Cryptocurrency Crowdsales - newsBTC - August 25th, 2017
- A Mysterious New Cryptocurrency Is Surging After Being ... - August 25th, 2017
- Cryptocurrency Cyber Crime Has Cost Victims Millions This Year - Bloomberg - August 25th, 2017
- This European country may hold an ICO and issue its own ... - TechCrunch - August 23rd, 2017
- Bitcoin Skeptic Mark Cuban to Invest in Cryptocurrency ... - August 23rd, 2017
- $150 Billion: Total Cryptocurrency Market Cap Hits New All-Time ... - CoinDesk - August 23rd, 2017
- Cryptocurrency Market cap Sets a New All-time High of Over $150bn - newsBTC - August 23rd, 2017
- South Africa's Central Bank: It's 'Too Risky' to Launch a Cryptocurrency - CoinDesk - August 23rd, 2017
- Mark Cuban backs new $20 million cryptocurrency venture fund - CNBC - August 22nd, 2017
- VR World Decentraland Raises $25.5 Million In Cryptocurrency - UploadVR - August 21st, 2017
- AMD Releases Beta Graphics Driver for Better Cryptocurrency Mining - Bitcoin Magazine - August 21st, 2017
- Philippines Central Bank Grants First Cryptocurrency Exchange Licenses - CoinDesk - August 21st, 2017
- Media A-Listers Back eSports Betting Firm As It Dives Into Cryptocurrencies - Deadline - August 20th, 2017
- 10 Reasons Why Central Banks Will Miss the Cryptocurrency Renaissance - CoinDesk - August 20th, 2017
- Australia Weighs Jail Time for Cryptocurrency Exchange Offenders - CoinDesk - August 20th, 2017
- Cryptocurrency wallet Exodus adds OmiseGo in latest update - CryptoNinjas - August 20th, 2017
- SEC Statements Spur ShapeShift to Review Cryptocurrency Listings - CoinDesk - August 20th, 2017
- Australian money cops gain powers to regulate cryptocurrency - The Register - August 18th, 2017
- Could Cryptocurrencies Replace Cash? - Investopedia - August 18th, 2017
- NVIDIA CEO Believes Cryptocurrencies Have Longevity - Investopedia - August 18th, 2017
- Substratum Launches Substrate Cryptocurrency to Power the New Decentralized Web - The Merkle - August 18th, 2017
- More Evidence that Cryptocurrencies Are a Bubble? - Investopedia - August 16th, 2017
- Cryptocurrency Exchange ShapeShift Acquires Bitcoin Wallet Startup - CoinDesk - August 16th, 2017
- Canada Approves First Cryptocurrency Sale in Property Rights Shake-Up - Voice of America - August 16th, 2017
- From UFC To Fighting Fake News With Cryptocurrency - SportTechie - August 16th, 2017
- Will the Bitcoin Fork Continue to Boost the Cryptocurrency's Value? - TheStreet.com - August 16th, 2017
- 'Father of Financial Futures' Seeks Cryptocurrency Hardware Patent - CoinDesk - August 14th, 2017
- How Exactly Do You Get Rich Off The Hot New Cryptocurrency? - Gizmodo Australia - August 14th, 2017
- Ripple Price Forecast: Factors Suggest XRP Cryptocurrency ... - August 13th, 2017
- US Foreign Sanctions Bill Mandates That Governments Monitor Cryptocurrency - Bitcoin News (press release) - August 13th, 2017
- What Would Happen if Cryptocurrency Became More Popular Than Cash? - Futurism - August 13th, 2017
- $126 Billion: The Cryptocurrency Market Just Set a New All-Time High - CoinDesk - August 12th, 2017
- Ukraine's Central Bank Moves Closer to Cryptocurrency Regulation - CoinDesk - August 12th, 2017
- Nvidia shares fall on data center revenue but chips ride cryptocurrency boom - Reuters - August 12th, 2017
- For Cryptocurrencies, the Future is Now - Daily Reckoning - August 11th, 2017
- Nvidia more bullish on cryptocurrency than AMD - MarketWatch - August 11th, 2017
- Coinbase Becomes First Bitcoin 'Unicorn' - Fortune - August 11th, 2017
- Buoyant Bitcoin stirs fears of a crypto-currency bubble bursting - The Independent - August 10th, 2017