Amaten, the largest firm of gift cards in Japan with $1 million revenue annually, join hands with aelf, a platform based on the multi-chain framework and offering smart contracts technology, to digitalize the mechanism of cards issuance, exchange, and purchasing; and to mold its whole network using the blockchain technology.
Amaten, the first Gift Cards platform of Japan
Amaten was the first marketplace for the exchange of gift cards in Japan with the main agenda of expanding the industry of gift cards through liquidity. The company is very serious and concerned about expanding its services all over the world. But this motive cannot achieve without adopting the latest technology and therefore, the firm is spending a pile of wealth to resonate its working system with the emerging blockchain public ledger.
Problems with the Current System
The traditional system is running currently as the cards are exchanged physically as well as in the form of digital codes through email service. The problem with these types of distributions is that physical cards are very tough to liquidate and track while exchange through digital codes is lacking security verification process. The transformation of the traditional system to the blockchain framework will revolutionize the whole network with speedy traceability and transparency.
Tom Kanazawa, the chairman of Amaten, explained the whole scenario of the strategic partnership between two prominent foundations:
The current system and technology used for gift card is completely obsolete and dates all the way back to the mid90s. I believe that the gift card industry can be a perfect use case for blockchain. The two are a completely natural fit. We have chosen to partner with the best blockchain technology providers in the space, aelf, because they offer the scalability, dedicated sidechains and smart contract modules that we very much need to build our service rapidly and most cost effectively.
The market volume of the gift card industry is remarkable as it holding the figure of $340 billion while $21 billion share is only from Japan. The transactional volume of Amaten shown a sky move last year and reached the mark of $110 million became the leading platform for gift cards exchange. Currently, Amaten lists nearly 26 different kinds of cards including Amazon, Netflix, iTunes, Google, Rakuten and 21 others.
Zhuling Chen, the COO and Co-founder of aelf, said:
aelf is razor focused on providing creative and revolutionary solutions that can only be achieved through blockchain. Through the partnership with Amaten, we are hoping to pioneer the adoption of blockchain solutions within the traditional industries.
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