Hedera Hashgraph Offers Blockchain Solution To Couponing Industry
Hedera Hashgraph aligns with Coupon Bureau to tokenize, validate, and redeem coupons on the blockchain.
Despite the ongoing financial and biological crisis, there’s one industry and self-sustainable economy that not only keeps growing but actually benefits from the global-scale lockdowns forcing people and businesses into turning to digital means for communication, monetary settlements, and business documents administration.
It should come at as no surprise that the technology in question is blockchain technology, and this time, another key industrial player, the Coupon Bureau, is looking to harvest the vast potential presented by distributed ledgers.
In case you’re unfamiliar, the Coupon Bureau works with brands like Target, and General Mills, to mention a few, and it is now taking interest in Hedera Hashtraph’s native blockchain platform in order to prevent ‘coupon fraud’ in huge chains such as the above.
A quick take on Hedera Hashgraph (HBAR)
Hedera Hashgraph, a blockchain consortium launched last year, and consisting of up to 39 enterprises, that also has its own public digital currency called the HBAR, aims to combine the efficiency of decentralized blockchain architecture and traditional business mindsets.
They intend to do so with the “Hedera Hashgraph Council”, which consists of some of the world’s leading industrial giants, who act as equal board members, even in cases of competition/rivalry.
This essentially allows private entities to act as the nodes of the network that should above all benefit the common incentive and not one single entity as usually happens with old monopolies.
To demonstrate how big this is, I am gonna list some of the companies involved and you do the math:
- BoeingDeutsche TelekomGoogleIBMNomuraSwisscomTATA Communications
The Hedera Hashgraph Platform focuses on guaranteeing the integrity of the codebase while providing open access to the source code. equally protected by all member entities, signifying the first public blockchain run by industrial super-stars.
The Coupon Bureau Scenario
According to Forbes, the Coupon Bureau is a non-profit, industry-managed coupon data exchange platform that works in association with some of the biggest consumer goods manufacturers on the globe.
The concept here is that the Hedera Consensus Service (HCS) will provide a real-time, tamper-proof log for all coupon activity on-chain.
On its own turn, this will allow coupon issuers, manufacturers, and shop owners to verify, authenticate, and validate coupons without having to trust any third party for the process from coupon registration to redeem.
Considering that Hedera Hashgraph is backed by the likes of IBM, this could be achieved easily with smart-contracts or some sort of ownership tokens able to be redeemed for physical and/or digital services.
Read More: IBM Investor Update For Spring 2020 Underscores The Importance Of Blockchain For Stockholders
Although the couponing business is vital for the retail aspect of life, the way coupons are issued, distributed, and redeemed is way in the best, and nowhere near blockchain technology. Thankfully, this partnership is about to change that.
Now, we could have a standalone article subjecting just why would anyone use blockchain-based coupons, since the level of efficiency blockchain brings to the table is outstanding from many different angles, but here’s Brandi Johnson, CEO of the Coupon Bureau:
“We hear about new developments using blockchain within the industry on a regular basis. While they all may not actually have deployed a solution yet, we get the sense that everyone is looking very closely at various solutions. In fact, one of the largest Consumer Packaged Goods (CPGs) companies was instrumental in moving forward with a blockchain solution in a major retailer. This project is in progress right now and we expect it to be deployed this year, which is when the general public will likely hear about it.”
Staring from above, this reminds of Roll’s Social Money concept, where anyone can issue his own ERC-20 community token and utilize it among his customers, followers etc. in a variety of scenarios.
Obviously, Roll and Hedera Hashgraph are two different entities, addressing two completely different groups of customers, but I really don’t see a vital point HBAR has over traditional Ethereum-based tokens.
Is this important? It depends on how you look at it. Sure, adding more value as to what blockchain could offer both to industry and consumers are always appreciated, but at the same time, it’s not the blockchain deal of the year.
Just a quick request pull from my memory gives me a myriad of analogous use-cases already developed and deployed on the Ethereum blockchain.