Though the millennial generation is the fastest growing consumer demographic and one that is attracting business companies in almost all the industries across the globe, it’s not clear if the Blockchain would be able to transform the millennials. According to demographic data, industries spend about $600 billion per annum to covet this high-potential market segment.
The trend has spread to other major consumer-facing sectors such as the luxury goods market, real estate, technology, and retail. Today, millennials are also traveling more than the retirees hence becoming a potential largest demographic segment for spending money, especially on trips and bookings.
According to some market analysts, the millennials are benefitting the travel industry more than other sectors maybe due to the offerings that do not match the segment’s demands. Blockchain-based solutions may not as well transform this group. For instance, in terms of payments, most blockchain-based technologies require the banks and other financial institutions to facilitate the transactions.
It’s been a norm that if the business firms are transacting payments overseas, they must use a respective bank who would then deal with the recipient on the other side. But with lower payments, one requires a different paradigm for the cash to cross borders. Since many people do not have information on how fragmented the banking relationships are, there is no fully-fledged global payment that guarantees easy transactions to send money from one place to another.
Blockchain can help address most of the challenges facing the transfer of money if there will be a single leader to ensure that the data is not altered or disputed, thus giving the system credibility and making the payments much faster and safer.
The blockchain-based solutions are one of the best ways to move money in certain ways but the use of cryptocurrencies confuse many people particularly the millennial group.