Japanese Gift Card Industry to Get Blockchain Upgrade

Asia Blockchain Review
September 2, 2019
Japanese Gift Card Industry to Get Blockchain Upgrade

A collaboration between Japanese gift voucher exchange Amaten and Singaporean decentralization startup ælf is to add blockchain innovations to Japan’s gift card industry.

According to a report by A Market Journal, Amaten’s cooperation with ælf to enhance its gift voucher commercial center with blockchain technology aims to better penetrate global markets, including nearby South Korea and China.

Blockchain to Bring Gift Card Market into New Era

The plan is to utilize innovations of distributed ledger technology (DLT) to compensate for the shortcomings of traditional gift vouchers. Amaten outlined that, currently, physical gift cards are costly to produce and hard to distribute and track, while also being vulnerable to external attacks.

In a statement, the Japanese exchange explained that blockchain technologies would change “over the conventional types of gift vouchers into advanced resources.” 

Tom Kanazawa, Administrator at Amaten, pointed out the structure presently used for gift vouchers was created in the mid-90s and is ill-equipped for a computerized world. He stated that he accepts “that the gift voucher industry can be an ideal use case for blockchain,” adding that the “two are a totally characteristic fit.”

Tech Upgrade to Accommodate Expanding Market

Amaten, the largest commercial center for gift vouchers in Japan, was founded in 2012 and has seen the sector grow significantly since its start. Alone, the organization reported 132,000 dynamic clients and handled about 1 million exchanges in 2018, worth over US$110 million in income.

The gift voucher industry worldwide has an estimated value of US$340 billion, with over US$21 billion in Japan alone. Amaten’s blockchain upgrade was reported following major computerized gifting stage Swych’s announcement that it would accept installments using cryptocurrency in February of this year.

Source: www.amarketjournal.com 

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