Japanese largest gift card trading platform, Amaten wants to issue blockchain gift cards, as the firm announced Tuesday, its plans to modify the system for trading gift cards using blockchain technology.
As reported by U.K news outlet Verdict, the development features blockchain network provider, Aelf as a critical partner. Aelf is quite famous for its Standard Blockchain System Function Test.
Aelf will enable support for a blockchain framework onto which the Amaten’s project to offer tokenized gift cards will run. The effort allows for the transformation of manageable gift cards which can also be exchanged on the blockchain.
Incorporating the blockchain facilitates the combatting of fraud, giving that the cards can now easily be traced back to the original issuer, which also makes it easier to issue and redeem them as well.
The whole idea is focused on revitalizing the methods for issuing, purchasing, and exchanging gifts card to increase the technology and convenience of the products in the industry, which currently worth $340bn globally.
According to the comment by Tom Kanazawa, the chairman at Amaten, the current system and technology used for the gift card is entirely obsolete.
It still suffers from basic fundamental shortcomings and is very inconvenient. I believe that the gift card industry can be a perfect use case for blockchain. The two are a completely natural fit.
The announced move today will not only set Amaten as a significant player in the process, but it will also provide the first reputable technological advancements to the gift card industry in over two decades, the report reads.
Amaten sees blockchain gift cards as holding significant potential for future advancements, with Kanazawa saying, “I believe that the gift card industry can be a perfect use case for blockchain […].”
However, Amaten solutions will initially launch in its home market (Japan market), before expanding overseas using the blockchain gift cards, firstly, in Korea and China.