A growing number of designers and furniture manufacturers are seeing the potential for cryptocurrency to boost their revenue and profitability, and in some cases, even their profits.
While the use of cryptocurrencies as a store of value, as opposed to as a means of payment, is a relatively new concept, there is already a burgeoning market for blockchain technology as a medium for payments.
According to a study published in the journal Technology, blockchain is being used to help companies make money by offering financial transactions with ease.
In the study, researchers from the University of Southern California (USC) examined the use cases of blockchain technology in the furniture industry.
They found that the use and growth of blockchain is driving demand in furniture design, with more than 75 percent of respondents saying that their companies are using blockchain technology to automate the process of manufacturing.
They also found that cryptocurrency has helped the furniture design industry to create a more competitive business model.
The study also found a correlation between the adoption of blockchain and increasing profits for the furniture manufacturers.
The paper’s authors, Benjamin L. Shanks and David M. Schwartz, note that the rise in the adoption and growth in blockchain is also being seen in the global furniture industry, and that this trend could eventually lead to the adoption by furniture companies of blockchain-based solutions.
They write:We believe the growing use of blockchain technologies as a financial settlement method and store of values will lead to greater demand for the payment channels of blockchain in the industry and will also be reflected in the higher profits that are seen in this space.
While cryptocurrency is still relatively new to the furniture market, it has already been used as a form of payment in some industries such as online retailing.
In fact, in 2016, the Australian furniture manufacturer Tilt-o-trade began using blockchain to settle online sales, as well as in the use case of buying items in bulk.
In 2018, Chinese furniture retailer Lotte used blockchain to buy up to 4,000 orders per day.
In 2020, the United Kingdom-based furniture maker JW Marriott began using cryptocurrency to buy furniture.
The use of cryptocurrency as a payment method has also led to a rise in its value.
In 2017, cryptocurrency was worth approximately $1.5 billion, according to the CoinMarketCap website.
In contrast, in 2017, the U.S. dollar was worth $2.8 billion.
The trend is also evident in the international furniture market.
According to the Wall Street Journal, China’s furniture maker Gucci, for example, is using cryptocurrency in order to meet growing demand.
In addition, a number of Chinese companies are also using cryptocurrency as an avenue to sell products and service their customers.