Rebuilding Retail EcosystemBy CIOAdvisor Apac | Tuesday, May 14, 2019
Digital currency is proliferating today with alternative payment methods emerging and being used at a high speed. The world of digital currency has become an independent ecosystem, supplanting the prestigious milestone value of gold from blockchain-based innovations such as bitcoin (BTC) and ethereum (ETH). This has led to the emerging economy being taken on by the business and technology community including entrepreneurs, traders, and developers. On the contrary, Bizkey modifies the status quo through simplification of the methods of interaction between consumers and traders through a network of blockchain debit cards and the incentive for all people willing to participate.
Bizkey is a featured platform that introduces intelligent blockchain-based POS systems (Biz-POS) supporting a range of powerful applications that streamline and reintegrate traders into the digital age. In recent years, blockchain-based cryptocurrency is becoming popular as part of our life and economy all the time. The principal cryptocurrencies like Bitcoin and ETH become increasingly known. However, cryptocurrencies are used primarily for financial investment, international transfers, and online payments. Products that can be acquired with cryptocurrencies also consist mainly of other virtual currencies, which make the mainstream unable to participate in them with any real tangible experience. The lack of an effective portal limits the popularization and application in the real economy of cryptocurrencies. Bizkey provides the traders with the cryptocurrency feature through the POS smart blockchain device, creating an offline cryptocurrency payment portal that enables consumers to pay for luxury shopping malls and daily supplies directly with their cryptocurrencies, making it easier for more people to learn, accept, and use cryptocurrencies and boost their future value and circulation.
Smart POS machines offer many easy-to-use applications for the convenience of merchants. Bizkey can be implemented on many POS machines with this function, becoming the Biz-POS-based intelligent blockchain.
2019 started with some good news for the crypto-enthusiasts after a bare year for cryptocurrencies. When Businessman David Lau purchased a car with Ethereum (ETH), Singapore saw its first major crypto buy. The news about the purchase of cars includes The New Paper, Asia One and Lianhe Zaobao, Singapore’s largest Chinese daily. MHG Cars, only two weeks into service, merely has expanded its payment options to market itself to 750,000 people in Singapore.
The aging retail market remains mostly untapped by technology, with the decentralization of today’s markets, services and networks, stuck with inefficiencies on logistics, payments, and accounting inefficiencies. The flow of transactions is anonymized, aggregated, and monetized by Bizkey to make these value token rewards both to traders and consumers for further development of the ecosystem.