A report from United Kingdom news outlet Verdict on August 20 announced the partnership between Amaten and Aelf, a blockchain network based in Singapore. Their goal is to make tokenised gift cards.
Amaten
Amaten (アマテン), Japan’s largest secondary market for gift cards, is leading the application of blockchain technology to gift cards. They plan to handle the flaws of gift cards due to costly production.
‘The current system and technology used for gift card(s) is completely obsolete and dates all the way back to the mid-90s’, stated the chairman of Amaten Tom Kanazawa. ‘I believe that the gift card industry can be a perfect use case for blockchain.’
Since 2012, Amaten gathers at least 240,000 users of its gift cards. It reached one million transactions in 2018 and had 40% of the market share. Their annual revenue is at least $110 million.
On the other hand, Aelf prides itself to be one of the 30 networks approved by the Chinese institute. Their partnership with Amaten will provide a fixed record of gift card purchases.
‘We have chosen to partner with… 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’, said Kanazawa.
Amaten and Aelf hope to decrease fraud by releasing gift cards that can be tracked from issuers to customers. According to them, it may also reduce the number of unspent gift cards.
‘Through the partnership with Amaten, we are hoping to pioneer the adoption of blockchain solutions within the traditional industries’, stated Zhuling Chen, Aelf’s Co-Founder and COO.
Aside from the Japan launching of blockchain platform, Amaten also plans to expand in Korean and Chinese markets.
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