Vending machine technology has come a very long way in just a few short years. The last several leaps that vending machines have taken have ushered in an era of not only cashless payments, but mobile payments with a device like a smartphone or tablet. Now, things are taking a bold step forward with new machines that are not only connected to the Internet and cloud-based, but that accept the controversial cryptocurrency Bitcoin at the same time.
Vending Machines and Bitcoin: A Match Made in Heaven
Tom Truitt is a man who has been in the vending business for decades. He’s been there through every major leap forward that the technology has taken and through years of experience sees Bitcoin not only as an evolution, but an idea that the future of vending machine technology may very well be upon us.
One of the major benefits of Bitcoin powered vending machines has to do with the roots of the currency itself. Vending machines have long been designed to be scalable – you can expand or contract your inventory as you see fit. You can use actionable analytics built into the system itself to learn what you need to be stocking more of, and what you can stop paying attention to.
Bitcoin brings the same benefits by way of a universal currency that everyone can use. This makes it easier than ever before to get the items you need when you need them the most. Regardless of the user, the operation would be simple: a user can take his or her smartphone, scan a QR code located somewhere on the front of the machine, select their product and watch it vend. Payment from the user’s Bitcoin wallet would automatically be triggered at the same time, creating a transaction that lasts mere seconds.
Truitt indicates that the widespread adoption of Bitcoin payments for vending machines would not only change cashless payments and the vending industry in general, but it would also inject a much needed air of legitimacy into the Bitcoin cryptocurrency itself. It’s creating a situation where everybody wins, from the consumer on up.
With all of this, the real question becomes: has vending machine technology come too far? By embracing new currencies like Bitcoin, are vending machines moving away from the simplistic and straightforward ideals on which they were founded on? If you actually talk to the people who not only use these vending machines on a daily basis, but the businesses who depend on them, you’ll find that the answer is incredibly clear: not only has vending machine technology not gone too far, many would say that it is incredibly exciting to see how much farther they will go in just a few short years time.