In response to a Forbes report revealed on April 27, 2020, non-profit platform Coupon Bureau is about to undertake Hedera Hashgraph’s blockchain to mitigate dangers related to coupon fraud.
Hedera Hashgraph Blockchain to Sort out Coupon Frauds
Coupon Bureau, an industry-managed coupon information trade platform that contains retail giants together with Goal and Normal Mills, amongst others, is leveraging Hedera Hashgraph’s distributed ledger know-how (DLT) platform – Hedera Consensus Service (HCS) – to supply a real-time, tamper-proof log for all coupon occasions offered on the platform.
Notably, the blockchain-powered platform will allow coupon suppliers, producers, clearinghouses, and retailers to validate as and when they’re registered and redeemed. This may remove their dependence on any third-party for professional verification.
Using DLT to curb rampant frauds related to coupons showcases one more novel use-case for the malleable know-how.
Talking to Forbes contributor Darryn Pollock, Brandi Johnson, CEO, Coupon Bureau, mentioned:
“The challenges that the coupon ecosystem has confronted during the last 10-years are associated to lack of safety and belief, in addition to a not having an agreed-upon centralized answer or real-time validation of presents. The result’s an insecure promotional device (8110 barcode), and a complete host of siloed cellular coupon options that aren’t retailer agnostic.”
Including:
“The best way DLT and blockchain will be capable of assist is thru offering a safe, agnostic audit log of all coupon redemption that’s accessible to all related stakeholders. On this new answer, Hedera will present the spine for the logs by way of the Hedera Consensus Service.”
Clearly, using DLT in tackling frauds associated to coupons is an affidavit to the potential of the rising know-how is reshaping the infrastructure of myriad industries throughout the globe.
Hedera Hashgraph Gaining New Grounds
Decentralized DLT community Hedera Hashgraph needs to extract and distribute the advantages of blockchain know-how with out its notorious scalability trilemma which incorporates scalability, pace, and safety.
Launched in September 2019, Hedera Hashgraph makes use of the proof-of-stake (PoS) consensus algorithm to execute and confirm transactions on the blockchain community.
Beforehand, the blockchain challenge had announced the addition of IBM and Tata Communications to the Hedera Governing Council to information the expansion of the Hashgraph distributed ledger.
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