Tycoon69 International, a UAE blockchain firm which started operation fully in 2016, is working towards using blockchain technology to disrupt the gift card industry. In recent times, blockchain tech has proven to be a solution to problems in several industries. Thanks to Tycoon69 International, the gift card industry will never be the same as most of the industry’s inefficiencies will be solved.
According to Stefan Hostettler, CEO of Tycoon69 International, the company aims to create a new digital economy and disrupt gift card business globally. They will achieve this by providing an ecosystem of Dapps, their blockchain, a SAFE gift card token and merchant software to process everything.
Using their native token, T69, Tycoon69 International’s crypto coin customers can carry out gift card transactions, cashless payments, cashback, and many more deals with their technology stack. It gives them the transparency and security required to transact their gift cards because blockchain can’t be hacked or manipulated.
Solutions that Tycoon69 International Is Bringing to the Gift Card Industry
Currently, in the gift card industry, several big firms use gift cards to process payments. However, gift cards come with a lot of problems like security, trust, etc. which Tycoon69 International is going to solve by leveraging blockchain technology.
Gift cards are formatted in a centralized list of codes for verification, which are yet to be redeemed. These codes are removed from the centralized ledger once the card is redeemed, and the user’s account gets credited.
Inherently, the centralized ledger or list is vulnerable to external or internal malicious manipulation, alteration, or destruction. Hackers can acquire access to the gift card program’s codes or other sensitive data and fraudulently redeem or sell codes online.
This fraud is not only expensive for customers but also costly for distributors and merchants. Another gift card problem is trust. Gift card redemptions occur in a business’s centralized backend and customers have zero transparency about what occurs to the gift card code during the redemption and how it is processed throughout the enterprise backend.
All these problems are going to be solved by Tycoon69 International with its decentralized blockchain-powered platform targeting the gift card industry. The blockchain solution will be inherently secure and fraud-proof, enabling upwards of tens of thousands of transactions per second to be processed, integrate seamlessly with current merchant facilities, and usher in a whole new superior customer experience.
It is said to be an evolution of the entire gift card industry for the better.
How Tycoon69 Wants to Disrupt the Industry
Reportedly, established firms that make use of gift cards like Amazon, iTunes, etc. also suffer from fraud and inefficiency. Some are even rumored to be developing their own blockchain alternative also and integrate their gift card.
However, this rivalry with Tycoon69 has been played down to below danger for many reasons. The tech firm, on the other hand, wants to build an effective gift card ecosystem. It would enable small and medium-sized enterprises (SMEs) to cost-effectively issue their gift cards and not focus only on large firms.