Cryptocurrency1 hour ago (Jul 21, 2021 05:00AM ET)
F&B and Blockchain — Can Crypto Give Restaurants a Boost?
- 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 struggl…
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