Bizkey — Why Blockchain for Retail?
This is part 1 of our BIZKEY introduction series. Be sure to check out our Telegram channel @bizkey_chat for the latest updates!
Despite the transition or ‘decentralization’ of today’s marketplaces, services and networks, the aging market of retail remains two steps behind, being mostly untapped by modern technology. While most of the industry recognizes the inefficiencies, ranging from logistics and accounting to payments and service quality, it is difficult to convince the entire industry to move forward together as the systems used are backed by largely independent, outdated technology providers.
In spite of all this, the global retail market is actually still growing, projected to be 2.8 trillion USD in 2020 up from 2.4 trillion USD in 2017.
However, it is no wonder that this growth has been lagging significantly behind that of e-commerce — after all, mobile technologies have been enabling levels of convenience unheard of in consumer interactions, allowing for time saved and value to be created throughout the industries. However, it is approximated that 90% of merchant transactions are still happening offline.
Bizkey is a feature-ready platform that is compatible with all forms of business, introducing intelligent blockchain-based POS systems (Biz-POS) that support a variety of powerful applications to streamline and re-integrate merchants into the digital era. We are addressing a variety of problems directly via our solution, with many other possible use cases due to the open nature of our platform:
1.Merchants can capture and benefit from the data value of their transactions
Merchants can utilize the POS system for ALL payment platforms, including third party gateways and our own cryptocurrency payment solutions. We want the transaction data to be stored and tracked on the blockchain, to be utilized by merchants directly to boost their own sales - instead of being tracked and used against them by competing services.(Existing providers are currently collating this data for their own benefit or to sell, against the considerations of the Merchants)
Bizkey hopes that this will allow for fair distribution and circulation of the value of data, and capture the essence of this value by tagging each transaction with an equivalent value in blockchain tokens that can be used by the merchants and consumers.
2. Creating and activating fair tools that are utilized heavily in e-commerce but technologically lacking in offline retail
Our data and processes enable accurate and powerful cross-selling that is already being used by online platforms; with consensus by retailers to share customers, we can enable the function to cross-introduce them across multiple consumption fields. What this means is that similarly to how online platforms have advertising models that create viral growth, merchants even in an offline scenario are able to promote and co-push each other’s services in a non-obtrusive manner. Our incentive system is designed to value the contribution of each party in an extremely fair way, using our own model BizPower, in order to maximize the motivation for value circulation in the entire ecosystem.
3. Introducing and promoting true digitalized trust in the retail ecosystem, fairly and securely
As transactions done by our brick-and-mortar merchants are based on blockchain technology, it allows for highly reliable unique transactions that are backed up and secured with fair and effective consensus mechanisms. This eliminates centralized platforms from forging or tampering data, faking orders to gain platform resources or disrupting the fair competitive ecosystem unilaterally. Previous systems that attempted to do our same model did not have this advantage, preventing them from giving out resources in a fair manner. Bizkey thus establishes true digitalized trust in the entire retail ecosystem.
4.Introducing cryptocurrency payments infrastructure for true mass adoption even for offline-based payments… instantly
With the gradual and expected shift to utilize blockchain for payments, Bizkey will provide the offline sectors with a fully functional cryptocurrency payments infrastructure that will support true cryptocurrency adoption. With cryptocurrency, payments made become cheaper, more reliable and faster as a whole — creating an entirely new way for merchants and consumers to gain value out of their transactions. We expect that the widespread, simple and instant deployment of Biz-POS will bring mass adoption of blockchain technologies at a consumer level, and help these technologies gain attention as to how they are beneficial over existing technologies by being placed side-by-side in real use case scenarios.
5.An open and supportive platform for third party development of critical business applications and ecosystem tools
With our API and open-platform model, third parties are able to step in and provide our ecosystem with additional value. There are many use cases for our POS System that extend above and beyond just the point-of-sales; for instance, customers that are interested in checking the source of their organic goods can have it viewed directly via our POS. Customers interested in doing a price check on-the-spot, if supported by the merchant, can view recent transactions of that item from other merchants (as a way for that merchant to promote lower costs) — and this will not be overly competitive as it is enforced anonymously and optional for merchants to include on their POS devices.
Bizkey is bringing new opportunities for the application of cryptocurrencies in the brick-and-mortar economy, at the same time taking the chance to restructure the brick-and-mortar retailing industry to have the technological capabilities accessible by e-commerce platforms today.
With the hand-held Biz-POS devices being broadly installed at brick-and-mortar shops, Bizkey will achieve unimaginably huge development space in the future, and be the first truly mass-adopted blockchain model.
To accomplish this growth, in addition to 500,000 merchants that have been bootstrapped onto our platform by Mr. Koalac (our official retail partner and backer), our incentivization model will allow for merchants to exchange transaction data (placed on chain via our smart machine) for BZKY incentives that are usable by merchants and consumers to drive growth. Our end-consumer value is projected to effectively reach out to over 200 million users by 2022. More details about this incentive platform is available in our whitepaper as well as future posts.
Join us as we share more about Bizkey in the coming weeks to the public!
Coming Soon: Bizkey Incentives — The Time Token
Join us on Token Day (10ᵗʰ October 2018) where we will be having our first public-ready token payments event in Chinatown and Marina Bay Sands Singapore, working together with other cryptocurrency projects such as BCH, ONT, TRX, BU, and TRIO (with more to come) to demonstrate the usability and functionality of cryptocurrencies in everyday payments. Stay tuned to our official channels below to participate in this exciting event!
Join our official community!
Telegram(EN) https://t.me/bizkey_chat
Telegram(ANN) https://t.me/bizkey_ann
Website https://bizkey.io/
Facebook https://fb.me/bizkey
Twitter https://twitter.com/bizkeyio
Blog https://medium.com/bizkeyofficial
