As the retail industry readies itself to accept blockchain as a feasible solution, there are still lingering issues with the way it deals with the customers. Specifically, the way vouchers and discount coupons have proved to be ineffective is glaringly obvious.
Much of the coupons and vouchers go to trashcans or fail to meet its target audience due to its ancient methods of reaching the demographic. It is then, that one realizes the need for a uniform system that acts as a catalyst to bring this retail-chain solution to the 21st century. GATCOIN is exactly that.
GATCOIN ingeniously brings together a seamless blend of a central platform, digital tokens which are liquefied, and the ease of the retailer-customer interface under one roof. The idea behind the venture is pretty simple: make the whole platform accessible to merchants with features that may as well redefine the whole industry.
GATCOIN is a platform based on blockchains that transform the traditional coupons, gift vouchers and loyalty rewards into digital tokens. The major feature here is that the tokens are liquid and tradable, allowing for a comfort unheard of in the digital retail market space.
It works to benefit both, the merchant and the consumer. A retailer can join its distributed system, upload his/her products and create branded digital tokens which can then be sent to the customer. They have a patent-pending technology called A-Drop which will allow the merchants to unambiguously target customers based on the demographic, shopping interests and region.
The digital tokens are also tradable. Consumers, should they wish to, can use the retail chain tokens provided by the merchants and trade on GATCOIN’s crypto-currency exchange freely, making it much more valuable to the customer.
The major technical components that constitute the GATCOIN are GAT Network, GAT Marketplace, GAT Exchange, GAT Foundation and GAT Wallet. The network is blockchain-based that enables the circulation and storage of retail tokens while also employing A-Drop to reach customers all over the globe.
GAT Exchange is a crypto-currency based exchange wherein consumers can trade in their retail tokens for GATCOINs, which can further be traded into other crypto-currencies such as Ethereum, Bitcoin among others. GAT Marketplace is the mobile portal to purchase items and goods in exchange for retail tokens.
GAT Foundation is an NPO based out of Singapore which will function independently. GAT Wallet is the digital wallet that customers may use to spend and manage their retail tokens. Together, they create a seamless solution for retailers as well as consumers.
The development of the system began in November last year with an official public announcement made on 18th September 2017. It has since been met with critical acclaim for its ingenious solutions with some in the industry calling it one of the market’s greatest innovations.
SK Japan will be the first to get their hands on the platform and, in turn, will provide GATCOIN with over 60,000 retail stores and more than 20 brands. This is the beginning of something great and the industry is ready for it.
