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BCH $549.29 (1.00%)
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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.

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Joseph Joestar is a CoinQuora contributor. He works in various blockchain marketing content projects, specializing in written content such as technical whitepapers, press releases, and articles.