Ever since the coronavirus outbreak, blockchain technology has regained new retail and institutional interest because of the immutable, safe, and secure decentralized technology. Consumers globally are demanding more control of their financial resources which ultimately providing the growth opportunity for blockchain technology.
For the retail industry, widespread adoption of blockchain will depend on products, companies, and infrastructure that is easy to use and understand. It is why industry verticals like gaming, commerce, and digital asset management are seeing growing interest and use of blockchain technology.
One of the sectors that is ripe for disruption is the global gift card industry, which is expected to reach a staggering more than US$750 billion in the next five years. Despite the projected growth, the gift card industry often suffers due to outdated security, trust, and efficiency. Consequently, the adoption of blockchain technology is expanding in the gift card industry to manage these challenges.
Tycoon69 creating a digital economy for disrupting the gift card business globally
Tycoon69 International, a UAE-based blockchain technology firm, is working towards bringing blockchain technology to disrupt the gift card business globally. According to Tycoon69, the firm is aiming to create a digital economy and market by providing an ecosystem of Dapps, their blockchain technology, a SAFE gift card token, and merchant software for processing everything.
Using their native token, T69, Tycoon69 is able to facilitate the transactions of gift cards, cashless payments, special deals, cashback, e-commerce, and products that include these transactional elements within their technology stacks. Therefore, offering consumers better transparency and security of transacting their gift cards as the blockchain technology cannot be manipulated or hacked.
Tycoon69 solution for the global gift card industry
Presently, several big organizations make use of gift cards to process payments. However, there are a lot of problems associated with gift cards. These problems include security and trust, among several others. These are the problems that Tycoon69 aims to solve for the global gift card industry by leveraging blockchain technology.
Gift cards are formatted in a centralized list of codes for verification. These codes get removed from the centralized ledger once the gift card is redeemed and the consumer's account is credited.. Inherently, the list or the centralized ledger is vulnerable to internal or external manipulation, alteration, or destruction. Cyber attackers can acquire access to the gift card program codes and other sensitive data and fraudulently sell or redeem codes online. These types of fraud are expensive for consumers. Moreover, they are also costly for merchants and distributors.
Another problem associated with a gift card is trust. Gift card redemptions occur in the centralized backend of the business, and consumers have zero transparency about what occurs to the gift card code during the redemption process. Additionally, they have no idea as to what is happening throughout the enterprise backend.
Tycoon69 is aiming to solve all of these problems with its decentralized blockchain-powered platform targeting the global gift card industry. The blockchain-based solution is expected to offer a secure and fraud-proof way to process gift cards transactions. Moreover, the technology will allow processing tens of thousands of transactions each second while integrating with current processes seamlessly and offering a new and superior experience to the consumers.
Offering consumers more control over their transactions
In the past, larger retailers and brands such as Amazon, PayPal, and Starbucks have all explored digitizing their gift card offerings, including dedicated research and development to blockchain technology. Of course, this is promising for the gift card industry as a whole. However, consumers that make use of digital assets such as gift cards want to retain as much control as possible over their transactions.
Therefore, by using a decentralized third party such as Tycoon69 International, consumers will not be handcuffed to the policies of big brands such as Amazon. Thus, it can transact with much more freedom in a P2P fashion. As Tycoon69 International grows, the firm is also planning for significant strategic partnerships and integrations into larger platforms. Notably, Coinbase, one of the largest cryptocurrency exchanges globally, has approved the process in 2020 that allows users to cash out their crypto into gift cards. Once the user receives their gift cards, Tycoon69 International will provide them with the infrastructure to trade their gift cards in a safe marketplace.
PayNXT360 expects the demand for such innovative solution to grow over the next four to eight quarters, as the demand for personal control over assets continue to increase among consumers globally.