Fujitsu Introduces a Blockchain-Based Reward Points System
Retail merchants can convert loyalty points and coupons into tokens for the blockchain-based data storage system
As a press release on the 6th May 2018 published, retail merchants are able convert loyalty points and coupons into tokens to be used on the blockchain through a reward system introduced by multinational IT firm Fujitsu.
The new data storage system on the blockchain will convert conventional rewards into blockchain tokens. The company expects this to increase the “willingness to buy” in consumers and at the same time help introduce more practical data analysis methodologies for retail industries. Fujitsu made the following statement in the press release;
With this service, users can collect digital points or stamps by reading QR codes located in specific areas with smart devices, and then exchange them for coupons and other benefits that can be used in stores… In addition, collection and usage data for the points, stamps, and coupons, which are recorded on the blockchain distributed ledger, can be linked with user information for analysis.
According to Fujitsu, the company believes that the newly introduced system which has the meaning, ‘Fujitsu Intelligent Society Solution Blockchain Asset Service’ will boost user attraction enabling more consumers and more consumer participation in promotions. This will be in connection with the new integrations using certain applications on smart devices.
Users can access the system through an API which allows customers to access the blockchain-based ICT solution without much knowledge about the blockchain.
Earlier in March 2018, Fujitsu experimented using the newly introduced token-based reward system in FamilyMart convenience stores in Taiwan. The objective of the trial was to gain more customer attraction utilizing a plan that involved communication robots alongside with the blockchain.
Fujitsu Blockchain Projects in Recent Past
The company have participated in several pilot projects in the past on the blockchain to test out the technology for transferring money through a payments platform. It already has a blockchain system for secure data sharing. In November 2017, the company partnered with IOTA for an IoT Data Monetization solution.
Further, in March 2018, Fujitsu unveiled the latest technology which could assist to identify bugs and mitigate issues with Ethereum smart contracts. In the same month, the firm initiated an innovation center in Belgium to support research and carry out new projects related to blockchain technology.