In the latest episode of ShuttleCast, Zhuang explains how crypto benefits small and medium real-world businesses. The benefits that crypto can give for businesses are beyond the widely covered advantages in streamlining business operations, automation, transparency, and quick, seamless exchange of information that large companies implementing blockchain technologies enjoy. This episode of ShuttleCast focus on:
- Crypto tokens and their role in enabling quick, economical, and highly scalable solutions
- Non-fungible token vs fungible token for businesses.
He explains how both assets benefit small and medium businesses in their own ways.
The Role of NFTs in Businesses
The uniqueness of each NFT makes it ideal for tokenization of real-world assets. These tokens not only signify ownership of the underlying asset, but also makes it easy to verify such ownership and transfer them to others. He mentions that the properties of NFTs can be utilized to create digital documentation, tickets, vouchers etc whose authenticity can be readily verified by anyone, eliminating the need for third party custodians or distribution agencies.
Explaining how ShuttleOne has utilized NFTs to cater to the needs of small and medium businesses, Zhuang gives an example of the trade financing application where documents like invoices, bills of lading, import/export and insurance paperwork were digitized into NFTs following a verification process. ShuttleOne made these digitized documents accessible to its partners, enabling them to conduct risk assessment and provide trade finance to businesses in no time.
He also explains the role played by ShuttleOne in utilizing NFTs to help event companies and nightlife businesses tokenize tickets and voucher redemption processes. On-chain tokenization of tickets and vouchers helps prevent frauds associated with concert and event tickets and discount voucher redemptions by enabling an easy verification process. With the implementation of multichain capable Metachain solution, the tokenized tickets and vouchers can now be minted at a fraction of the cost otherwise incurred without needing protocol tokens. Additional benefits for the platform also include low infrastructure cost and commission payouts to ticketing platforms.
Benefiting from Cryptocurrencies
The fungible blockchain assets, cryptocurrencies create value on-chain, which if translated to real-world value can provide a viable and more attractive alternative to traditional fiat-based payment channels. Such an option will, in turn, drive the value of those businesses that adopt crypto tokens into their operations. Zhuang explained how ShuttleOne identified the opportunity and created ShuttleSwap to help individuals and businesses derive maximum value from crypto assets.
Today’s conventional payment solutions have various limitations that restrict seamless transfer of value between a potential customer and a business. These transactions are dependent on support for certain payment instruments, geographical restrictions on certain payment methods, and at times, accessibility to such payment options for the users. Enabling crypto payments makes it easy for anyone, from anywhere to transfer value, and that too at a fraction of the cost in comparison to conventional methods. The process is further simplified by crypto/fiat on-ramp solutions like ShuttleSwap that allow businesses to receive crypto payments directly into their bank accounts as fiat settlement.
The decentralized, peer-to-peer nature of cryptocurrencies, along with the rising adoption of DeFi solutions also makes it easier for small and medium businesses to secure capital when necessary. Until now, these businesses didn’t have proper access to institutional lending owing to the scale of their business. But the current trade financing opportunities presented by crypto platforms like ShuttleOne can potentially resolve this problem.
Meanwhile support for seamless multichain transactions provided by the likes of Metachain further expands the opportunities to extract value from across multiple protocols.
ShuttleOne’s Role in Adding Value to Small and Medium Businesses
As a platform that was created with a mission to drive value for individuals and businesses in the real-world, ShuttleOne has been actively providing various tools and solutions to the industry. Apart from creating a robust NFT-driven trade financing infrastructure in Singapore, it has enabled businesses to adopt tokenization across multiple blockchains at low costs using Metachain.
Zhuang confirms that ShuttleOne continues to experiment and deploy various features that will impact real world businesses across the world, beginning with its focus market Southeast Asia. The recent and the most successful breakthrough resulting from such an approach is the Metachain, which enables maximum extraction of value across multiple blockchains.
In the video, Zhuang mentions ShuttleOne’s role in financing capital needs of small businesses by connecting with stablecoins liquidity, contributed by the ShuttleOne liquidity providers, under Plug-and-Play DeFi offerings.
These developments are just the tip of the iceberg. ShuttleOne will be introducing lots of exciting features in the coming days. Keep an eye out on the announcements and follow social media channels to stay updated.
ShuttleCast is a knowledge sharing podcast show about scaling in Web 3, crypto and how to prepare yourself for the next wave of the internet economy. Whether you are a creator, a developer or just a tech enthusiast, Web 3 will foster the next generation of wealth and innovations that you cannot miss.
Catch Zhuang - ShuttleOne’s CEO live episode on Twitter alternate week and hear the latest insider news about Web 3.