DigitalBits
Abstract. Blockchain technology is promoted as one of the great technological advances of our time and considered as a solution to many of
the technical problems faced by industries in sectors such as finance,
automobile, and retail. Despite growing attention and utilization, mass
adoptions of cryptocurrencies has not happened yet. So how do we cross
the chasm from the vision phase to the actual use phase? To do so, blockchain technology has to target a pre-existing legacy market that already
posses billions of user accounts globally in a digital asset category; Not
to create a competing tokenize digital asset, but instead to transform
these legacy digital assets into tokens on a public blockchain with key
functionality that benefits both consumers and the enterprise-issuers of
these digital assets.
This whitepaper fills the gap in the state of the art by presenting the DigitalBits blockchain powered infrastructure that builds a bridge facilitating
the implementation of new technologies to support and enhance our every day life interactions as well as foster blockchain mass adoption. The
DigitalBits blockchain allows for easy asset-tokenization using a transaction and trading layer for the point economy. We present a loyalty- and
reward points focused running case, detail the advantages of the system,
outline the requirements and goals, as well as the architecture of the DigitalBits network and ecosystem. In addition, we present the on-boarding
process of digital assets and the asset tokenization which is an indispensable functionality of our platform. Furthermore, we introduce the novel
idea of the token name certification service (TNCS) that prevents malicious network entities from issuing and distributing illegitimate tokens
of assets that they are not associated with. Finally, we present the XDB
token value proposition and the surrounding token economy ecosystem
that fuels the platform.
Introduction
The vision for cryptocurrencies has been embraced by many people around the
world. In 2017, the world saw a surge in Initial Coin Offerings (ICOs) with
associated whitepapers that has driven tremendous enthusiasm for the futurist
possibilities of blockchain technology and utility tokens [3][43]. However, as the
end of 2018 is near, many people are beginning to wonder: When will many of
these cryptocurrencies and utility tokens begin to gain wide real world use and
adoption? How do we cross the chasm from the vision phase to the actual use
phase? To do so, blockchain technology has to target a pre-existing legacy market
that already posses billions of user accounts globally in a digital asset category;
Not to create a competing tokenize digital asset, but instead to transform these
legacy digital assets into tokens on a public blockchain with key functionality
that benefits both consumers and the enterprise-issuers of these digital assets.
Loyalty and rewards points (LRPs) presents a unique opportunity as the first
digital asset category to leverage the DigitalBits blockchain and help drive mass
growth of cryptocurrency adoption. Such programs are established means to improve customer engagement and brand awareness. Needless to say, due to their
recognized and tremendous potential, these membership programs spread across
several industries, as for example, travel, retail, financial services, and so on. A
successful loyalty and reward program ensures that a customer keeps returning
to a specific brand in order to make purchases and subsequently earn reward
points thereby building loyalty and retaining customers over the years. At the
same time, companies that effectively create, launch and run loyalty programs
underline their commitment to long term relationships with their customers [29].
A 2014 report suggests that 91% of companies employ some form of customer
engagement or loyalty program [18], resulting in 3.8 billion individual loyalty
program memberships just in the United States [12]. The average U.S. household participates in 29 different loyalty programs [11], whereas in the UK the
average customer is a member of more than 14 different loyalty programs [14].
According to a report from 2017, the estimated overall corporate liability for
loyalty points exceeded $100 billion, thereby representing a new unsurpassed
high and an enormous business potential [6].
However, despite the widespread availability of these programs, only a small
fraction of their potential is used. Consumers are generally discouraged by unnecessary barriers to accumulate and redeem their points and by changes to program rules or rewards. Hence, users get easily frustrated and millions of points
are unredeemed. Furthermore, the lack of transferability and portability of most
LRP programs affects their perceived value by customers, since they are unable
to transfer or trade those points at any time for other points they desire. Of
the $48 billion in total perceived value of points and miles issued in 2010 in the
U.S., about $16 billion worth of LRPs were left unused [20]. It is important to
note, that it is not just the customers putting up with the downsides of current
state of the art solutions. Loyalty program providers have high entry barriers to
set up their own reward program. Once they have created their own program,
providers suffer from high costs of maintenance. Moreover, even if they wish
team
Al Burgio
Julie Lyle
Michael Luckhoo
Paul Gampe
Thomas Madej
David Holland
Matthew Roszak
Rajiv Naidoo
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