Identify the Ownership of Coupons
For non-blockchained coupons, ownership of the coupon cannot be easily identified by the receivers. People other than the issuers may not have the same authority or means to establish the true ownership. As a result, non-blockchained coupons may experience a declining level of trust. For blockchained coupons, however, ownership can easily and unmistakably be established due to the nature of blockchain technology.
For non-blockchained coupons, fraud may be difficult for ordinary people but not impossible for IT experts or hackers. Furthermore, the security levels of non-blockchained coupons can vary greatly, depending on the security technology used. For blockchained coupons, however, fraud is much more difficult. Each blockchained coupon is unique in its own right.
Lower System Failure Risk
System failure could be a vulnerability for digital coupons. Systems can fail, and servers can fail, and hard disks can fail, and software can fail. In our experience, most failures or delays affecting digital coupons have little to do with the coupon platform itself and more to do with the systems employed by participating merchants. For any centralized system, systems failure implies a loss of all functionality. For decentralized systems using blockchain technology, failure of any single system means just replacement by some other system. No coupon functionality will be affected by the failure of any single systems in blockchain technology.
More Transparent on Coupon Data
Blockchain technology, by nature, is transparent and open to all. In limiting the extent to which information can be hidden, the public’s trust is deepened and the credibility of such coupons is enhanced. With non-blockchained coupons, issuers may find it easier to keep information hidden from the public or general recipients — with negative consequences for public trust and credibility.
More Secure with Decentralization
Blockchain technology is more secure because all data is comprised of multiple decentralized actions / transactions which are verified by consensus and stored in many different unrelated terminals throughout the world. Even with the highest security level, any centralized system has a fatal weak point. The weak point essentially revolves around the access rights to that centralized system. If anyone hacks into the system, or if any person with authorized access corrupts the system, even the strongest security measures may not be sufficient. The same vulnerability does not exist with decentralized networks.
Even more Precise Marketing based on Big Data Analysis
All digital coupons can capture some level of data for analysis by their issuers. But for blockchain coupons, the scale of data capture differs by a matter of degree. As blockchain technology is designed for open platforms, this means that all data relating to all coupon campaigns by all issuers forms the core of “big data” for global coupon marketing. With this big data, marketing becomes even more precise, encouraging all merchants around the world to join the platform so as to share the benefits.