Fujitsu’s New System Promotes Blockchain-based Tokenized Rewards Points for Retailers

Earlier this week on June 6, 2018, Japanese computing magnate Fujitsu announced the launch of the cloud-based  Fujitsu Intelligent Society Solution Blockchain Asset Service. In an official press release, the company unveiled its plans of using the blockchain technology in the retail sector for stamps coupons, and digital points targeted towards markets, shopping centers, and tourist sites.

The basic idea behind this new implementation is to tokenize several rewards and promotional tools provided by retail merchants. The system is being currently rolled-out in Japan on a trial basis and will be integrated with promotional activities within tourism zones and shopping centers. This way, consumers will be able to spend digital points and coupons obtained at one shop, to other outlets.

Fujitsu believes that with the growing penetration of digital tokens in the mainstream financial sectors, its data storage systems will help to revitalize local economies by increasing consumers’ “willingness to buy.” It will also help to enhance the data analysis methods in the retail industry. The collected user information will be stored on Fujitsu’s hybrid blockchain and will be linked to using the information in the related analysis.

Fujitsu outlined its system by stating: “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.”

The company further added that “At the same time, they can also more effectively set strategies for regional revitalization, based on the activity patterns of users seen in the analysis results, and on such factors as the use of the coupons and other benefits.”

This service is scheduled to go live at trade fair Interop Tokyo 2018, on June 13. Retailers and merchants adopting the platform can implement the service to “connect” several events and promotions and also record the distribution of digital stamps and coupons. In addition to this, customers can easily connect to the promotions of their choice using the smartphone-enabled APIs.

Fujitsu is undoubtedly not a new player in the blockchain space. Last year in November 2017, the company unveiled a cross-blockchain payments technology which connects different blockchains and easily facilitates payments and exchanges using different digital currencies.