How will we achieve this?
Upgrading the properties and handling of digital vouchers and gift cards
A decentralized infrastructure based on “Blockchain Technology”
Why is Blockchain Technology the best choice?
Enabling ownership of vouchers and stimulating trust & credibility
Ownership of vouchers can be distinctively transferred between users.
Introducing a level of security based on public/private key techniques typical for Blockchain applications
Eliminate fraud, making vouchers tamper-proof and immutable.
DLT is the most suitable technology for realizing „Open Loop Voucher” scenarios for redeeming vouchers at multiple shops
No intermediaries involved, such as a credit card company.
Transparency of transactions on the ledger for all stakeholders
Transactions can be best visualised with DLT.
From the technological perspective we have selected one of the most efficient consensus mechanisms currently available in the Blockchain space, leading to further advantages:
We use a “proof-of-authority (PoA)” consensus mechanism on behalf of a private Ethereum Blockchain, which makes our solution highly energy-efficient when compared to public blockchain solutions. Proof-of-Authority based networks are of very low demand on the computing power.
PoA is significantly faster than the transaction time of proof-of-work (PoW)-based networks.
PoA networks are very scalable, especially in comparison to PoW blockchains, and is well adjusted to be a platform for the “Dapps (decentralized applications)” development and maintenance.