The Cryptocurrency was introduced to us at a time when the financial industry was going through tough times, and the major sufferers were underbanked, because there was no economic independence for the users. When Bitcoin came, even though many did not readily accept it, the few that accepted made profits from it after a while. After the launch of Bitcoin, it paved the way for the creation of several other cryptocurrencies, and thus created the opportunity for people to invest in cryptocurrencies.

Cryptocurrency Investments

With the creation of different cryptocurrencies for different purposes, there was the need to be able to trade the cryptocurrencies, either for fiat currencies or for other types of cryptocurrency. The rising need to trade and invest in cryptocurrencies gave rise to the number of crypto exchanges we have now. However, for those who had crypto investment portfolios, it became increasingly difficult for crypto traders and investors to keep track of their investments because they had to keep shuttling between crypto exchanges trying to compare prices and know when to buy, and when not to trade.

With the increasing difficulty in crypto trading, blockchain developers went back to the drawing board and sought ways to assist traders via custom blockchain application developments, and thus the era of crypto trading software came to crypto investors. A lot of the software is automated and thus the users or do not have to go through the stress of checking different exchanges and trying to get the right price or monitor the trends on the market, rather the crypto trading software performs the task of trading on your behalf. However, you may decide to either choose full automation or take control of some parts after adjusting some parameters on the application.

While crypto trading software makes it easy for the crypto investor and trader to go about their trading duties without sweat, another benefit of the innovation is the fact that it automatically eliminates the need to get involved with intermediaries. Most times people want to introduce a merchant that is purportedly good and thus act as intermediaries between the seller and the buyer, and that could attract fees too. Hence, a crypto trading software is a timely intervention for those who do not want to go through intermediaries and have to part with some amount as fees.

How it Works

Crypto trading software works as an automated system. It checks for relevant data from different network sources and then filters the data to suit the parameters of trade that you have set up on the app. With some artificial intelligence, the software can check the market trades and intelligently perform trades on your behalf, thus it saves you time and the cost of having to trade through an intermediary.

The Supply-Chain Industry

The supply chain industry is one area that needs a lot of attention because there are many irregularities within the industry. The centralization of the industry’s system is a contributory factor to the irregularities plaguing the industry. Finding a good supplier is one of the challenges to deal with, and most times, you may need to go through intermediaries and would have to pay extra fees to gain access to the suppliers. Other irregularities include improper documentations missing records, processing delays, and alterations, among others. Interestingly, the blockchain has the resources to deal with these irregularities.

While crypto trading tools come in different types with their unique functionalities, it is imperative to consider the fact that the principle behind their functionalities can also be applied to the supply-chain industry. For instance, the crypto trading software bypasses some protocols and intermediaries in order to deliver results, and the same can be applied to the supply chain via custom blockchain application development for the supply-chain industry.

With a cryptocurrency-backed and blockchain-based application, it will become easier for the supplier and the customer to do their business together on a peer-to-peer basis. A decentralized system like blockchain will take away the need for a central authority, and it will also take away the presence of intermediaries, thus both parties involved in the trade are in total control of their decisions and actions.

It is interesting to see that blockchain and cryptocurrency are causing disruptions in different industries and sectors, and the supply chain industry is not left out of this technological advancement. While using blockchain technology brings decentralization and deals with the problems caused by the centralization of the industry, tokenizing the industry with cryptocurrency also has an important role to play, as it creates better opportunities like improving the functionality of the crypto trade platform by making the location of a supplier automated. This invariably means that if a user needs a supplier for a particular purpose, the user can automate the system to locate the supplier that best fits your parameters, and possibly contact the supplier and perform the trade on your behalf.

The applications of blockchain and cryptocurrency are endless, as they give you many possibilities and use cases, regardless of the industry. At the moment, different major suppliers and shipping companies have begun to apply the technologies to their systems in order to facilitate seamless trade, as well as make it possible for the goods to get tracked till they get to the destination. The blockchain technology is immutable, hence, records and data that get on to the blockchain network cannot be altered or manipulated, hence, the records remain intact, and because there is a transparency feature that comes with the underlying technology, the system becomes trustless and transparent for everyone to see everything going on within the network.

Even though both technologies are still on their way to becoming mainstream technologies, it is amazing to see how far they have come, and all that has been achieved since their inception. It is also good to see how cryptocurrencies are altering the operations of different industries, including the supply-chain industry, and hopefully, we will see many cryptocurrency adoptions in the industry in the new future.