Japan-based tech giant Fujitsu is launching a new system for tokenization of traditional promotional tools like coupons and reward points on the blockchain. It is a blockchain-powered reward point system that allows merchants, schools, shops, restaurants and traditional tourism centers to revitalize their promotional tools using tokens.
According to the company’s press release report on Wednesday, the system is currently being rolled out in Japan to create awareness among merchants that their promotional activities can be integrated with this system. The coupons that consumers earn conventionally from one shop can be stored in digital tokens that can be utilized in different outlets within an area.
The company used traditional data centers to process and store consumer data and assign tokens according to established criteria. However, the pain points included massive workloads impairing accurate and precise data processing, analysis and storage. According to the report, blockchain’s decentralized process and data storage mechanism use tokens for better consumer data analysis and reduces workload at the data center.
Fujitsu said that its new blockchain-based data storage system would leave institutions to concentrate on their core business as there was no need worry about their consumer data. Using real-time and on point data analysis, businesses can identify specific consumer needs and tailor their promotional strategies.
To achieve a fully functional blockchain-based data storage system, Fujitsu conducted several field trials and case studies. Fujitsu tested its point-tokenization system which used distributed ledger system to transact, process and store digital stamps in one of Taiwan’s FamilyMart outlets.
According to a company representative, Fujitsu did not only partner with the retail shopping industry. Other companies in telecommunications, railways, learning, and tech were engaged in the bid to develop a feasible system.
Fujitsu is not new in blockchain project development. Sources privy to the company have confirmed that it recently launched a blockchain innovation center in Belgium. Apart from the rumored new technology that uses Ethereum smart contracts, Fujitsu launched a system for secure data sharing for money transfer, confirming its presence on the blockchain.
Image Source: Flickr – Debarshi Ray
Follow BitcoinNews.com on Twitter at https://twitter.com/bitcoinnewscom
Telegram Alerts from BitcoinNews.com at https://t.me/bconews