Cryptocurrency has real-world applications in the food industry, with restaurants using it to create exciting new foods for their customers and finding ways to use crypto as payment.
As the high stock prices of crypto companies like Bitcoin grab headlines, they are gaining traction with consumers as blockchain technology facilitates transactions without the need for an intermediary such as a bank or a credit card company.
Restaurants and hotels are playing their creative game all too well by establishing crypto-themed eateries across the globe.
Application of Blockchain in Food Industry
Blockchain technology has been applied to the food industry. For example, IBM Trust is a collaborative network of producers, processors and wholesalers who can track products as they move through the supply chain.
They built their solution on IBM Blockchain, which connects all participants through a record of permissions to food origins and processing data. In addition, it also improves food safety and minimizes waste; moreover, it will contribute directly to your bottom line, which saw participation from Walmart and Nestlé.
Covantis is a blockchain-powered digital operations platform that eliminates paper-based post-trade processes and increases efficiency, while reducing operational risk for bulk commodity shipments.
These technological advancements in the food industry have extended to the use of cryptocurrency in the restaurant industry, resulting in the rise of crypto restaurants taking their place in the blockchain world.
Examples of Crypto Restaurants in the United States
Restaurant owners and hotel owners have played their creative game too well and they have created crypto-themed restaurants across the world.
There are restaurants that accept cryptocurrency as payment and cafes with dishes named after some of the top cryptocurrencies on their menu.
Bakkt, a US-based futures trading platform for cryptocurrencies, announced plans to collaborate with Starbucks in August. The cafe chain will become one of Bakkt’s flagship retailers and embrace crypto through its payment app.
In addition to this, the company also announced that it will be unveiling its payment app soon! Crypto hasn’t been a big chunk of Starbucks’ overall sales, but this collaboration is important nonetheless.
Quiznos accepts Bitcoin payments for its sandwiches and other offerings. Quiznos has partnered with digital asset provider Bakkt to allow customers to pay in Bitcoin. After announcing the partnership, the company launched a pilot program at retail outlets in Denver this month.
Bee, the celebrity chef who opened Miami’s Oishi Thai restaurant in 2005, is preparing to launch Miami’s first NFT restaurant. Piya doesn’t have a confirmed location, but it will have a private omakase dining room and a fast-casual area where NFT holders can access exclusive events.
4. Cambo Flare
To give customers more payment options, Asian fusion restaurant CamboFlare in Big Lake, Minnesota now accepts cash, credit card, and major cryptocurrencies.
Camboflare is one of the few restaurants in Minnesota to do so. Some of them include Bitcoin Cash and Dogecoin. When it opened in November 2020, it only accepted bitcoin as a means of payment, but now there are several other ways to do so, including Ethereum, among others.
5. Fly fishing club
Flyfish Club is the first private dining club to open early next year in New York City. Here, members join by purchasing a non-fungible token (NFT), which is a certificate of authenticity using a distinctive string of characters in relation to a blockchain.
Memberships or the Flyfish token of this club sells for 2.5 Ethereum, which is around $7,557 today. On the other hand, the Omakase token, which gives members exclusive access to the club’s other unique facilities, is selling for 4.25 Ethereum or $12,847 today. They are currently sold out.
6. The Mermaid
La Sirene accepts more than twelve cryptocurrencies as payment, such as Bitcoin and Uniswap tokens. La Sirene is a New York restaurant that offers its visitors to taste modern French cuisine. La Sirène, in particular, is inspired by the culinary dishes of the south of France.
At La Sirene, you can pay with Cardano, Ethereum or Neo, and even Monero. Essentially, this place offers a great opportunity for crypto investors who want French flavors while on their way to New York.
Benefits of Using Blockchain in Restaurants
Blockchain for restaurants can be revolutionary in terms of efficiency, security and transparency. These systems can transform the way business is conducted by streamlining operations and reducing costs.
Cryptocurrency should not be overlooked in the digital age as it is an integral part of these transformative technologies.
1. Easy Transactions
The decentralization of cryptocurrencies is the reason for their increased speed and efficiency. No third party, such as a bank, is needed to approve or deny transactions; instead, the nodes (computers in various locations) that process transactions on the network run an algorithm to confirm and approve them.
These transactions are then stored as new blocks on a chain containing data that cannot be revised without the agreement of all nodes.
Transactions in a blockchain ledger can only be refunded by the entity that received the payment. This is why blockchain transactions, like Bitcoin, are considered immutable.
2. Authentic reviews
For restaurants and consumers, fake reviews are a problem. It’s hard to tell whether such a review is true or fabricated to help or harm an institution when anyone can post it without authenticating their name.
Consumers and restaurants cannot add or remove reviews to clean up negative reviews; All these decisions were made with full knowledge of the facts! Companies want to offer reviewers a cryptocurrency token for their written reviews. This will ensure that the notes are not altered, as they are held on the blockchain and cannot be tampered with.
3. Innovative loyalty programs
Blockchain technology can enable businesses to offer loyalty programs. Loyalty points are in production by large chains and small independent companies coming out of their homes, which will attract new attention from shoppers.
4. Improve the customer experience
Blockchain modules in restaurants share the origin and journey of ingredients with customers. It produces brand loyalty around consistency, protection, sustainability and ingredient sourcing. Plus, it connects diners with information about their food – where it comes from and how it’s prepared.
5. End-to-end supply chain visibility
The Trace module which uses the blockchain is a way to see the supply chain from end to end. It reduces time spent from days to seconds, meaning you can track food sources faster. Knowing where ingredients come from and their status is important in the event of a foodborne illness outbreak when you can respond quickly and confidently with recalls that avoid reputational damage and unnecessary waste. .
6. Fee reduction per transaction
Lower fees per transaction can also benefit cryptocurrency for restaurants, depending on the platform or system used to process the transaction. Bitcoin and other cryptocurrencies have lower fees than fiat currencies because crypto transactions are generally based on the amount of data rather than price.
With relatively low fees of 10-20 cents for Bitcoin and around 2 cents for Litecoin, restaurants can afford deals compared to the 2-3% charged by credit card transactions.
7. Marketing and advertising
Good marketing Strategy is important for any business. If you want to stand out in the sea of businesses, it’s a good idea to post a notice that your business accepts Bitcoin. This point of interest can help attract attention and attract potential customers who have disposable income. Since this demographic has grown up with digital currencies, they are more likely to appreciate this information on storefronts or online advertisements than other demographics.
Chef-owners are adding physical and digital signage in their restaurants, stating that they accept cryptocurrency. It’s a unique selling point for them as well as an advertisement to advertise which restaurant has the cuisine you crave. Restaurant owners use promotional materials such as posters or flyers to differentiate themselves from other nearby establishments so that users know what menu items are offered at each location.
Bitcoin, which was introduced in 2008, has come a long way. Many companies and enthusiasts have worked to make it easier for us to use bitcoin in our daily lives. Businesses may need to purchase the software to accept Bitcoin or other similar cryptocurrencies, but the infrastructure for these transactions is already in place. There are a few advantages to accepting bitcoin in your restaurant or cafe – it attracts a like-minded, pro-cryptocurrency clientele. It also gives your customers more payment options by allowing them to use cryptocurrencies or traditional currencies.
Even if they don’t know what bitcoin is, they might appreciate the many payment choices you offer. However, before bitcoin becomes commonplace on Main Street, we need more stability – it doesn’t take much effort for someone accepting bitcoin, but you might have to wait a while before than that customer pays in cryptocurrency.