Japan’s largest gift card exchange Amaten has announced that it will be incorporating the blockchain in its efforts to revolutionize how gift cards are managed in the modern digital economy.
The firm has partnered up with a cloud computing company which will introduce a blockchain platform for the users, where all of the digital codes will be stored, thus providing much more security to the whole process.
Representatives of Amaten have mentioned that revamping how gift cards are redeemed will influence the market in the most positive ways possible. Removing the risks of malicious attacks on cardholders is just scratching the surface.
The Chairman even noted that gift cards have not experienced a significant upgrade since the early 90s, therefore putting them way behind the current market trends.
Adding transparency to the whole process of gift cards is also going to remove any and all gift card scam centers in the world. The blockchain can support both the issuers and the end consumer to trace where the card has been utilized, or where it was last redeemed.
Having this elaborate tracing capability is going to help the authorities trace any fraudulent activities coming from various parts of the world.