The partnership between aelf, a company that manages decentralised networks of cloud computers on blockchain, and Amaten, the largest Gift Card platform in Japan was announced a few hours ago.
Amaten, the largest gift card trading platform in Japan with an annual revenue of $110M, will be expanding its infrastructure on aelf blockchain. Uncover the full story of this thrilling partnership. @amaten_jp https://t.co/PutGT0mwT4#aelf #aelfblockchain #blockchain #Amaten
— ælf (@aelfblockchain) August 20, 2019
With this partnership, Amaten will be able to scale and expand its gift card offering not only in Japan, where the company is the undisputed leader with its $110 million in annual revenue, but also in other territories such as China.
Moving the creation of gift cards on the blockchain eliminates some problems such as counterfeiting, and allows taking advantage of the transparency and traceability of the ledger.
The director of Amaten, Tom Kanazawa, explained:
“The current system and technology used for gift card is completely obsolete and dates all the way back to the mid 90s. It has never evolved to match today’s digital world. It still suffers from basic fundamental shortcomings and is very inconvenient. 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. We are wholeheartedly excited for the future of truly digitized gift card industry”.
The global market for gift cards reaches $340 billion worldwide, of which only $21 billion comes from Japan, but last year about $1.2 billion worth of gift cards were thrown away because they were not used, which could have been resold to third parties.
The partnership will allow aelf to become one of the pioneer solutions for a traditional industry, as stated by the co-founder, Zhuling Chen:
“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”.
Recently, aelf received certification and authorisation for the Standard Blockchain System Function Test from CESI (China Electronics Technology Standardization Institute).