Japanese IT Giant Fujitsu Launches Blockchain-Based Rewards System for Retail

Japanese IT giant Fujitsu has launched a blockchain-based reward points system aimed at innovating retail, according to a press release published today, June 6th. The blockchain-based data storage system tokenizes traditional retail promotional strategies such as coupons and loyalty points, which the company claims will revitalize local economies by increasing consumers' "Willingness to buy," as well as improving data analysis methods in retail industries.

"With this service, users can collect digital points or stamps by reading QR codes located in specific areas with smart devices, and then exchange them for coupons and other benefits that can be used in stores... In addition, collection and usage data for the points, stamps, and coupons, which are recorded on the blockchain distributed ledger, can be linked with user information for analysis."

Fujitsu envisages that the new system, dubbed the 'Fujitsu Intelligent Society Solution Blockchain Asset Service,' will help to attract users to specific promotional events and influence consumer patterns, especially when integrated into specific smart device applications.

The system is available to customers in the form of an API, meaning customers don't necessarily need any knowledge of a new ICT environment specific to blockchain.

In March of this year, the company tested its new tokenized rewards system at a branch of Taiwan's FamilyMart convenience stores.

The field trial aimed to attract more customers using a tech strategy that included communication robots together with blockchain.

Fujitsu has long been part of the race to develop commercialized blockchain platforms, working on an earlier enterprise-focused blockchain platform back in August 2017, and partnering with IOTA on a data monetization solution last November.

That same month, Fujitsu also launched an interoperable payments platform, which used smart contract technology to interconnect multiple blockchains for better transaction automation.